Connect with us

World

Elon Musk Reportedly Spent $260 Million Supporting Trump

Published

on

Donald Trump and Elon Musk watch the launch of a SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. © Brandon Bell/Getty Images

Media reports suggest Elon Musk invested $260 million in initiatives supporting Donald Trump. Explore the details and implications of this alleged financial involvement.

Entrepreneur Elon Musk, the world’s wealthiest individual, reportedly spent at least $260 million to support Donald Trump’s re-election as US president. This information comes from Thursday’s filings with the Federal Election Commission and has been reported by various media sources. According to the Washington Post, the CEO of Tesla and SpaceX has become a leading donor for the Republican party and holds a significant position within Trump’s inner circle.

According to CNN, approximately $238 million of the donations were allocated to a political action committee (PAC) called America PAC, which Musk established this year. Additionally, other groups supporting Trump received significant contributions; with the entrepreneur donating $20.5 million to RBG PAC and $3 million to the MAHA Alliance.

As reported by the Washington Post, Musk invested $232 million in backing Trump and other Republican candidates prior to the election. Following the election through November 25, he contributed an additional nearly $45 million to America PAC, bringing his total political expenditures to at least $277 million.

Advertisement

After winning the election, Trump named Musk as his adviser on government efficiency. The entrepreneur will lead a newly established Department of Government Efficiency (DOGE), which is intended to reduce government expenses. The billionaire has committed to conducting an audit of the entire U.S. government with a goal of cutting up to $2 trillion in spending.

The entrepreneur’s impact has prompted the media and some conservatives to label him as the “co-president of the United States” and “the Soros of the right,” drawing a comparison to billionaire investor and prominent liberal donor George Soros.

According to the Bloomberg Billionaires Index, as of December 6, Musk holds the title of the world’s richest person with an estimated net worth of $362 billion.

Shares in his electric vehicle company, Tesla, increased by 80% over the past month. The world’s most valuable carmaker is anticipated to gain from simplified regulations on self-driving cars under the new Trump administration.

Advertisement

Nigerian digital media platform. We cover all trending and significant topics, real online news no fake news

Continue Reading
Advertisement
 
Mutual insurance companies offer the best value – techavation consulting. Advantages of overseas domestic helper. The unchanged villages of alpujarra small group guided day trip.