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New campaign finance data shows that Elon Musk spent more than $260 million at political groups in 2024, helping Donald Trump win the presidential election and thus earning him the position of co-chair of government efficiency, according to Federal Election Commission.
The New York Times reported Musk and the entities he controls have disclosed $277 million in donations to federal groups this election cycle.
Musk is the CEO of Tesla, SpaceX, and xAI, and owner of X, The Boring Company, and Neuralink. His donations make Musk the largest donor of the election cycle, and can be viewed as an investment in the future of his own companies. Trump supports deregulation, which could benefit industries in which Musk is involved, including artificial intelligence and space exploration.
Musk’s xAI company this week secured $6 billion in new funds. The billionaire executive’s wealth is estimated at $361.7 billion Bloomberg Billionaires Index. He saw his wealth rise in the month following Trump’s election victory.
Almost the largest portion of Musk’s donation $238.5 millionHe went to the US PAC, a super PAC he founded in the spring that has focused largely on the presidential race. Reports It showed that US political action committees funded social media ads that impersonated Democrats and their positions with inaccurate caricatures.
Super PACs can accept unlimited donations, and Musk has stated so Expect PAC To “keep grinding” during the midterm elections.
The Super PAC filing shows it made 18 payments worth $1 million to people who served as “spokesperson consultants.” Musk offered daily giveaways of $1 million to registered voters in swing states if they signed a pledge to support free speech and gun rights. A lawsuit filed by the Philadelphia District Attorney against Musk and the American PAC, accusing them of running an “illegal lottery,” failed to obtain an injunction to stop the payments.
Musk also donated $20.5 million to RBG PACa super PAC that ran ads claiming that Ruth Bader Ginsburg, the late Supreme Court justice, had abortion positions that aligned with Trump’s. Ginsburg was a strong supporter of abortion rights. Trump has said he is against nationwide abortion bans, but has filled his cabinet with politicians like Doug Burgum who have passed or supported strict abortion laws.
Musk also gave $3 million to the MAHA Alliance super PAC. The total size of Musk’s political donations is not yet known, but the number is expected to continue to grow.
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