POLITICS
How much money is Elon Musk donating to Donald Trump? Is it breaking the limit?
Following the attempted assassination on Donald Trump in Pennsylvania, the South African billionaire doubled down on his support for the Republican candidate.
After the incident in Pennsylvania, where former President Donald Trump survived an assassination attempt, businessman and investor Elon Musk has taken a different stance from several other social media companies by deciding to support the Republican candidate in his bid to return to the White House.
Musk endorsement with huge donations
“I fully endorse President Trump and hope for his rapid recovery,” Musk wrote on his own social media platform, X, where he has further intensified his political discourse. Even after Trump announced that Senator J.D. Vance of Ohio would be his vice-presidential candidate, Musk posted in support of the decision. “Congratulations @JDVance1! Excellent decision @realDonaldTrump,” he wrote.
This stance taken by the South African entrepreneur breaks with the tradition established by most other leaders of major social media companies, who have chosen not to show support for any presidential candidate. With over 100 posts directed at his nearly 190 million followers, Musk has erased any semblance of neutrality from his platform.
In response, members of the Democratic Party have spoken out, harshly criticising Musk’s actions. “Arrogant billionaires only out for themselves are not what America wants or what America needs. Elon knows Trump is a sucker who will sell America out,” stated James Singer, spokesperson for Biden’s campaign.
Musk, Trump and the millionaire PAC
Musk’s support for Trump’s White House campaign is reflected in a monthly donation amounting to $45 million, a sum that is more than feasible given Musk’s estimated fortune of around 250 billion dollars. However, campaign donations in the United States are limited to $3,300 per person, so how is it possible for Musk to donate such a vastly larger amount?
The key to this lies in the campaign financing system, which allows political “megadonors” to contribute to funds known as political action committees or PACs, which support candidates. So, while it may be a relative drop in the ocean for the founder and CEO of Space X and Tesla, these campaign funds could play a big role in deciding who sits in the Oval Office, and who then helps their ‘friends.’