TLDR
- Elon Musk is reportedly planning to donate $45 million monthly to a pro-Trump super PAC called America PAC
- Crypto industry figures, including the Winklevoss twins, have made significant donations to the PAC
- The super PAC raised $8.8 million in Q2 2024 and focuses on voter outreach in key swing states
- Trump’s campaign has been gaining support from tech and finance donors, particularly after recent events
- The crypto community has shown increased support for Trump following his shift to a pro-crypto stance
A new pro-Trump super PAC, America PAC, is receiving substantial financial backing from prominent figures in the technology and cryptocurrency industries.
Most notably, Elon Musk is reportedly planning to contribute $45 million per month to the PAC, according to sources familiar with the matter cited by the Wall Street Journal.
America PAC, established in June 2024, has quickly become a significant player in the 2024 presidential race. The PAC raised $8.8 million in the second quarter of 2024, with $7.8 million already spent on various campaign activities. The group focuses on voter registration, early voting encouragement, and mail-in ballot requests in key swing states.
Among the notable donors are Tyler and Cameron Winklevoss, founders of the Gemini crypto exchange, who each contributed $250,000 to America PAC.
This comes in addition to their separate $2 million Bitcoin donation to Trump’s campaign last month. Other significant contributors include Joe Lonsdale, co-founder of Palantir Technologies, who donated $1 million, and partners from Sequoia Capital, Douglas Leone and Shaun Maguire, who donated $1 million and $500,000 respectively.
The influx of support from the tech and crypto sectors comes as Trump has increasingly embraced cryptocurrency. The former president, who once called crypto a “scam,” now accepts crypto donations for his campaign and has expressed support for Bitcoin miners. This shift has resonated with the crypto community, leading to increased political and financial backing.
Elon Musk’s reported planned contribution of $45 million monthly would represent a significant boost to Trump’s campaign finances. While Musk’s name did not appear in the PAC’s most recent FEC filing (which only covered up to June 30), his potential involvement signals growing support from influential tech leaders.
The assassination attempt on Trump during a rally in Pennsylvania on July 13 appears to have galvanized support from the crypto community.
Musk publicly endorsed Trump on social media platform X following the incident, and the broader crypto market has seen growth, with Bitcoin climbing back to the $64,000 level.
America PAC’s focus on ground-level campaigning could prove crucial in battleground states. The super PAC has spent $15.8 million so far, with $13.1 million dedicated to field operations.
This emphasis on direct voter contact, including door-to-door persuasion and get-out-the-vote efforts, aligns with a recent FEC ruling allowing super PACs to coordinate with campaigns on voter outreach.
The growing support for Trump among tech and finance donors comes at a time when President Biden’s campaign has faced challenges, including calls from some donors for him to step aside.
This shift in donor sentiment, coupled with the influx of funds to pro-Trump PACs, could significantly impact the financial landscape of the 2024 presidential race.
