Billionaire businessman and X CEO, Elon Musk plans to contribute approximately $45 million each month to a new fund supporting Donald Trump for the US presidency, the Wall Street Journal reported on Monday.
Musk, the world’s wealthiest individual with an estimated net worth of $250 billion, has become increasingly close with Trump during the 2024 US election cycle.
In March, the two met in person at a donor breakfast hosted by billionaire Nelson Peltz at his Florida residence.
While individual campaign donations in the United States are limited to $3,300 per person, loopholes in the campaign finance system allow major donors to contribute to political action committees (PACs), which can support candidates more broadly.
Trump, who previously criticized mail-in and absentee voting, has softened his stance after recognizing that Democrats had an advantage among mail voters.