Yahoo Finance Musk Confirms ‘Lower Level’ Donations to Pro-Trump Super PAC
(Bloomberg) -- Elon Musk confirmed Tuesday that he was “making some donations” to a super political action committee supporting Donald Trump’s presidential campaign, though at a “much lower level” than has been reported.
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In posts on his social media platform X, Musk acknowledged that he’d donated to America PAC, which focuses on get-out-the-vote efforts. “Republicans are mostly, but not entirely, on the side of merit & freedom,” he wrote.
It was reported earlier this month that Musk, the chief executive officer of Tesla Inc., had pledged to give $45 million a month to the super PAC. He used a meme — “FAKE GNUS” — to respond to an article by the Wall Street Journal, which first reported on the amount of his donations to America PAC.
His posts late Tuesday were in response to someone who asked about political donations. “I never said was donating $45M/month to Trump,” Musk wrote. He didn’t say how much he had contributed.
Earlier: Musk to Give $45 Million a Month to Pro-Trump Super PAC
Musk endorsed Trump in a post on X shortly after an assasination attempt on the former president at a campaign rally in Butler, Pennsylvania, on July 13.
America PAC raised $8.8 million in the second quarter, spent $7.8 million and started July with a little less than $1 million cash on hand, according to its most recent filing with the Federal Election Commission.
Palantir’s Joe Lonsdale and crypto billionaires Cameron Winklevoss and Tyler Winklevoss are among other donors to the organization. Musk didn’t start contributing until this month, according to a person familiar with the matter, so he wasn’t listed in the latest filing with the FEC.
The group doesn’t have to report its donors until its next filing in October.
Earlier: Tesla Profit Falls Short Again as Musk Demands Investor Patience
On Tesla’s earnings call earlier Tuesday, Musk downplayed the risk to the car manufacturer’s business if Trump wins. He said if Trump revoked the Inflation Reduction Act, which qualifies EVs for up to $7,500 in tax credits per vehicle, it wouldn’t especially harm Tesla.
“There would be some impact but I think it would be devastating for our competitors,” Musk said. In the long term, it probably would actually help Tesla, he said.
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