Billionaire entrepreneur Elon Musk has directed approximately $75 million over the past three months to a political action committee (PAC) he established to support former President Donald Trump, who is running for the Republican nomination in the 2024 presidential election. The financial details were disclosed in a federal filing on Tuesday.
Musk's significant investment highlights his growing influence in Trump's campaign as the former president prepares to face Democratic candidate Kamala Harris in the upcoming election on November 5. The spending also reflects the enduring role of wealthy donors in shaping U.S. politics.
In a recent interview with right-wing commentator Tucker Carlson, Musk explained that he formed the PAC, named America PAC, to advocate for values he believes in, including secure borders, responsible spending, safe communities, a fair justice system, free speech, and the right to self-defense.
Musk, who is the CEO of Tesla, SpaceX, and the social media platform X, has become one of the wealthiest individuals globally. He publicly endorsed Trump following an assassination attempt against the former president in Butler, Pennsylvania, in July. Musk later accompanied Trump during a campaign event in Butler in October, where he referred to himself as "dark MAGA" while wearing a black "Make America Great Again" hat.
At the Butler rally, Musk claimed that Democrats aim to restrict freedoms, including free speech, the right to bear arms, and the right to vote. Trump has frequently mentioned Musk's endorsement during his campaign, and he has suggested that Musk could lead a government efficiency commission if he returns to the White House.
As of October 9, America PAC had spent a total of $87 million on the campaign, primarily focusing on voter mobilization and outreach in key battleground states, including Pennsylvania, Michigan, North Carolina, Wisconsin, Georgia, Nevada, and Arizona.
The influx of spending in U.S. elections has been influenced by the Supreme Court's 2010 Citizens United ruling, which allows corporations to contribute unlimited amounts to political activities in support of candidates, provided there is no direct coordination with the campaigns. This ruling led to the emergence of super PACs, which can raise unlimited funds, significantly increasing overall spending in elections.
Political watchdog OpenSecrets estimates that a record $15.9 billion will be spent on federal elections during the 2024 cycle, surpassing the $15.1 billion spent in the 2020 election. Outside spending on campaigns has reached nearly $2.6 billion so far this year, almost a billion more than at the same point in the 2020 election cycle, with conservative groups receiving a larger share of this funding compared to previous years.
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