Musk Confirms Modest Donations to Pro-Trump Super PAC
Elon Musk acknowledged on Tuesday that he has made contributions to a super political action committee backing Donald Trump’s presidential run, but he emphasized that the amount was significantly lower than previously reported. In a series of tweets on his X social media platform, Musk confirmed his donations to America PAC, which is active in voter mobilization efforts. He clarified that his contributions were not as substantial as the $45 million per month that was initially reported, using a meme — “FAKE GNUS” — to dismiss the claims made in an article by the Wall Street Journal.
Musk’s tweets were in response to a query about his political donations, where he explicitly stated, “I never said I was donating $45M/month to Trump,” without revealing the exact amount he contributed. It was observed that Musk had endorsed Trump on his platform shortly after an incident where an assassin attempted to kill Trump at a campaign rally in Butler, Pennsylvania, on July 13.
America PAC Financials and Other Key Donors
According to its latest filing with the Federal Election Commission, America PAC raised $8.8 million in the second quarter, spent $7.8 million, and started July with under $1 million in cash. Notable contributors to the organization include Palantir’s Joe Lonsdale and crypto billionaires Cameron and Tyler Winklevoss. However, Musk's contributions began only this month, which explains his absence from the most recent filing. The group’s next report, due in October, will disclose more details about its donors.
Musk’s Perspective on Trump’s Potential Impact on Tesla
During Tesla’s earnings call earlier Tuesday, Musk alleviated concerns about the impact on Tesla if Trump were to win the presidency, despite Trump’s criticism of electric vehicles. Musk suggested that even if Trump were to revoke the Inflation Reduction Act, which offers EV makers up to $7,500 in tax credits per vehicle, Tesla would face only minor repercussions. “There would be some impact but I think it would be devastating for our competitors and would hurt Tesla slightly but long term probably actually helps Tesla,” he remarked.
Looking Ahead
The political and financial landscape surrounding Musk’s support for Trump and the broader implications for Tesla will continue to unfold. The next filing from America PAC in October will shed more light on Musk’s contributions and their possible motivations. For now, Musk’s clarified stance and his cautious optimism regarding Tesla’s future underline the complex interplay between politics and business.
Given these developments, investors and political analysts alike will be keeping a close eye on both Musk’s political engagements and Tesla’s strategic responses to an evolving regulatory environment.