Billionaire entrepreneur Elon Musk has injected a significant sum of money into former President Donald Trump’s 2024 presidential campaign, funneling roughly $75 million over the past three months into a political action committee (PAC) he created specifically to support Trump’s bid, Al Jazeera reports.
This revelation, disclosed in a recent federal filing, underscores Musk’s increasingly prominent role in Trump’s political efforts and highlights the enduring influence of wealthy donors in American politics.
Musk, known for his leadership in companies like Tesla, X (formerly Twitter), and SpaceX, described his PAC, named “America PAC,” as a vehicle to champion “core values” he believes in. These values, according to the PAC, include secure borders, fiscal responsibility, safe cities, fair justice, free speech, and individual self-defense.
Trump has openly welcomed Musk’s endorsement, regularly referencing it on the campaign trail and even pledging to appoint him to lead a government efficiency commission if re-elected.
As of October 9th, America PAC had spent a total of $87 million on the campaign, primarily investing in voter mobilization and canvassing efforts in key swing states like Pennsylvania, Michigan, North Carolina, Wisconsin, Georgia, Nevada, and Arizona.
This massive financial injection comes as a result of the Supreme Court’s 2010 Citizens United ruling, which granted corporations the right to spend unlimited amounts on political activities without direct coordination with a campaign. This ruling effectively paved the way for the creation of super PACs, which are not subject to traditional PAC fundraising caps.
The impact of Citizens United has been dramatic. US election spending has skyrocketed, and the use of so-called “dark money,” where individuals hide their election spending through shell companies that donate to super PACs, has become increasingly prevalent.
Politics watchdog OpenSecrets projects that a record $15.9 billion will be spent on federal elections during the 2024 season, surpassing the $15.1 billion spent in 2020. This figure, when adjusted for inflation, is equivalent to roughly $18.3 billion in today’s dollars.
OpenSecrets also reports that outside spending on campaigns, including contributions from Musk’s America PAC, is outpacing previous cycles. This year, outside groups have spent nearly $2.6 billion, surpassing the amount spent at this point in 2020 by nearly a billion dollars. Notably, this year’s outside spending has favored conservative candidates, a shift from last year when liberals received more support.
