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Musk’s donation will be donated to a political organization called the American Political Action Committee, which will focus on promoting voter registration, early voting and mail-in voting among residents of swing states ahead of the November election, The Wall Street Journal reported, citing people familiar with the matter.
Musk is one of the new fund’s main backers, which also includes Palantir co-founder Joe Lonsdale, former U.S. ambassador to Canada Kelly Craft and cryptocurrency investors Tyler and Cameron Winklevoss.
The Tesla founder formally endorsed Trump’s candidacy for US president on Saturday after the former president survived a shooting at a political rally in Butler, Pennsylvania.
“I fully support President Trump and wish him a speedy recovery,” Musk wrote on X, the social media platform he acquired in 2022.
Musk, the world’s richest man with an estimated net worth of $250 billion, has grown increasingly close to Trump in the run-up to the 2024 U.S. election.
The two met in person in March at a donor breakfast hosted by billionaire Nelson Peltz at his Florida residence.
Although individual campaign contributions in the United States are capped at $3,300 per person, loopholes in the campaign finance system allow political mega-donors to contribute to political action committee (PAC) funds supporting candidates.
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