Musk’s $288 Million Donation Makes Him Top Donor in Trump’s 2024 Campaign “`

Federal Election Commission filings reveal that the CEO of SpaceX and Tesla was the largest contributor to the 2024 US election cycle.

The Washington Post, citing an analysis of new Federal Election Commission (FEC) filings, reports that Elon Musk, CEO of SpaceX and Tesla, contributed at least $288 million to Donald Trump’s presidential campaign, making him the biggest political donor of the 2024 election cycle.

Trump appointed Musk to head the newly established Department of Government Efficiency, tasked with reducing federal spending and regulations.

In a Friday article, the Washington Post stated that Musk’s substantial 2024 political spending solidified his influence within Trump’s political network, with some critics labeling him a “de facto, unelected co-president.”

Musk’s contributions largely went through America PAC, a super PAC he co-founded to support Trump by engaging low-turnout voters in key swing states. This group raised $263 million, supported not only by Musk but also by associates including Tesla board member Antonio Gracias, Palantir co-founder Joe Lonsdale, and Sequoia Capital investor Shaun Maguire.

According to the report covering the period from November 26 to year’s end, Musk contributed $11.2 million on December 31, described as “petition incentives.”

Musk launched this initiative in October, offering “$1M to someone in swing states who signed our petition to support free speech & the right to bear arms.” Signers could also earn $47 for referring a registered voter in battleground states like Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin, and North Carolina.

Including a previously reported in-kind contribution of nearly $40.5 million, total spending on petition incentives reached at least $52.7 million.

The newspaper noted that Musk’s “investment in the 2024 election has already paid off enormously,” with his net worth increasing by over $200 billion since Trump’s November 5 victory. This is largely due to Tesla’s soaring stock price. The electric vehicle manufacturer’s shares have risen approximately 70% since the election, substantially boosting Musk’s wealth, estimated at around $442 billion in mid-December.

Musk, previously presenting himself as politically neutral, publicly endorsed Trump shortly after a failed assassination attempt against the Republican nominee on July 13.