Fresh data on campaign financing reveals that Elon Musk contributed over $260 million to political groups in 2024, aiding Donald Trump's presidential victory and securing a role as co-head of the Department of Government Efficiency for himself, according to the Federal Election Commission.
The New York Times reported that Musk and his affiliated entities disclosed $277 million in federal political donations this election cycle. As the CEO of Tesla, SpaceX, and xAI, and owner of companies like X, Neuralink, and The Boring Company, Musk has emerged as the largest donor of the cycle. His contributions are seen as strategic investments, aligning with Trump’s deregulation policies that could benefit Musk’s industries, including AI and space exploration.
Musk's xAI recently raised $6 billion in fresh funding, and his personal wealth has climbed to $361.7 billion, according to the Bloomberg Billionaires Index. His net worth has surged since Trump’s electoral victory.
The majority of Musk’s contributions—approximately $238.5 million—went to America PAC, a super PAC he launched in the spring, which focused heavily on the presidential race. Reports indicate the PAC funded social media ads that exaggerated or misrepresented Democratic positions. Super PACs like this can accept unlimited donations, and Musk has stated that America PAC will remain active during the midterm elections.
America PAC’s filings show it made $1 million payments to 18 individuals as “spokesperson consultants.” Additionally, Musk offered $1 million daily giveaways to swing-state voters who signed pledges supporting free speech and gun rights. Although Philadelphia’s district attorney filed a lawsuit accusing Musk and the PAC of operating an “unlawful lottery,” the effort to block the giveaways failed.
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Musk also contributed $20.5 million to RBG PAC, which ran ads misrepresenting late Supreme Court Justice Ruth Bader Ginsburg's abortion stance as being aligned with Trump. While Trump has stated opposition to a national abortion ban, his cabinet includes figures like Doug Burgum, known for supporting restrictive abortion laws.
Another $3 million went to the MAHA Alliance super PAC. Musk's full donation record remains unclear, but the total is expected to increase in the future.
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