Elon Musk donates to Donald Trump, tapping vast fortune to swing US presidential race

The money injection from Musk comes at a time when Trump has overtaken his rival, US President Joe Biden, in fundraising with the help of deep-pocketed Wall Street and corporate donors. Biden’s own money raising has dropped off following a calamitous debate that led prominent Democratic donors to put away their chequebooks.

Musk has yet to publicly endorse a candidate in the 2024 race and said earlier this year he did not anticipate financing either Trump or Biden’s election efforts, but his decision to open his pocketbook presents an opportunity for him to become a financial juggernaut for Republicans.

The Trump campaign declined to comment. Chris Gober, America PAC’s treasurer, declined to comment.

America PAC is working mostly behind the scenes to bolster the Trump campaign’s ground game. Though Federal Election Commission disclosures do not detail where work is occurring, canvassing and get-out-the-vote efforts are conducted most intensively in key battleground states that will determine the outcome of the election.

Musk’s efforts threaten to deal a devastating blow to Biden and Democrats, who are already mired in an intraparty battle over the president’s political future.

Democrats invested heavily in field offices and staff in swing states, moves Biden regularly touts on the stump.

A Super PAC matching those efforts on Trump’s behalf gives Republicans a major cash advantage to spend official campaign money elsewhere, in what is shaping up to be the most expensive presidential election in US history.

Among outside organisations backing Trump, America PAC is the biggest spender on direct voter contacts. It has spent US$15.8 million so far, with US$13.1 million of that going for field operations, federal records show. It has also paid for digital media, texting and phone calls to reach voters.

The group focuses on door-to-door persuasion and get-out-the-vote efforts. A recent ruling by the FEC allows Super PACs to coordinate with campaigns on voter outreach.

America PAC has hired In Field Strategies, a national grass-roots firm that has also done work for the Republican National Committee.

Representatives for In Field did not respond to a request for comment.

The political money makes Musk an even more formidable Washington player. He derives his wealth primarily from his holdings in electric vehicle maker Tesla, SpaceX and X. His companies already boast sizeable government contracts and regularly clash with federal agencies over regulations.

Some of Trump’s proposed policies, such as dismantling Biden’s measures to transition the US to electric vehicles and vows to impose tariffs on Chinese EV makers, would have a direct impact on Tesla.

Musk and Trump have clashed in the past but the two have grown closer with the tech entrepreneur advising the former president on electric vehicles and cryptocurrency policy.

During Tesla’s annual meeting last month, Musk discussed his relationship with Trump.

“He does call me out of the blue for no reason,” Musk said.