Elon Musk Is Now Trump’s 2nd-Biggest Financial Backer: Donates Nearly $120 Million To Super PAC

Forbes

Billionaire Elon Musk gave another $43.6 million through Oct. 16 to his America PAC that’s helping to elect former President Donald Trump, federal filings show, as the Tesla CEO has now spent more than $118 million bankrolling the super PAC while becoming one of Trump’s most prominent supporters—and as his $1 million offers to voters draw legal scrutiny.  Read the full story on Forbes: https://www.forbes.com/sites/alisondurkee/2024/10/24/elon-musk-donates-another-436-million-to-pro-trump-america-pac/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, Elon Musk is now Trump's second-biggest financial backer,

00:05donates nearly $120 million to SuperPAC.

00:10Billionaire Elon Musk gave another $43.6 million through October 16th

00:16to his AmericaPAC that's helping to elect former President Donald Trump.

00:20This, according to federal filings, as the Tesla CEO has now spent more than $118 million

00:27bankrolling the SuperPAC while becoming one of Trump's most prominent supporters.

00:32Musk has now surpassed Miriam Adelson

00:35to become the second-largest individual pro-Trump donor this election cycle,

00:39The New York Times notes, after billionaire Timothy Mellon,

00:42who has given $150 million so far to aid the ex-president.

00:47The donations are to independent SuperPACs, not the Trump campaign itself.

00:52Musk gave $43.6 million to AmericaPAC between October 1st and 16th,

00:57according to filings with the Federal Election Commission,

01:00which will be the last time the SuperPAC's donations are publicly reported before Election Day.

01:06That comes on top of $75 million Musk already gave AmericaPAC through September 30th,

01:12and his money makes up nearly all of the $130.3 million the SuperPAC has raised overall.

01:19AmericaPAC has generated controversy in recent weeks

01:22for giving away $1 million each day to a randomly selected swing state voter

01:26who signed a petition on the group's website,

01:29a plan that was announced the Saturday after the deadline for this FEC filing,

01:33so it's possible Musk could have given more cash after October 16th to help fund the gambit.

01:40The SuperPAC is reportedly largely responsible for the Trump campaign's ground game,

01:44knocking on voters' doors,

01:46though reports suggest it's faced issues with its tech infrastructure

01:50that have allowed workers to claim they've knocked on voters' doors when they actually haven't.

01:55Musk has also personally supported Trump on the campaign trail,

01:58appearing with the ex-president at a campaign rally

02:01and headlining his own events in Pennsylvania in recent days.

02:04The New York Times reported last week that Musk is becoming, quote,

02:08more frenzied about his efforts to elect Trump

02:11and will continue campaigning for him through Election Day.

02:14He appeared alongside the ex-president at his campaign rally

02:17at Madison Square Garden this past weekend.

02:20Musk has also incorporated two companies, Group America, LLC,

02:24and United States of America, Inc.,

02:26that suggest he could be trying to establish a foothold in the political world

02:30more long-term, Forbes first reported.

02:34We don't know if Musk will face any legal consequences for his work with AmericaPAC.

02:39Legal experts have broadly warned the group's plan paying $1 million to voters

02:44likely runs afoul of federal law,

02:47which prohibits anyone from offering money or other rewards

02:50to entice Americans to vote or register to vote.

02:54That could apply to AmericaPAC's giveaways, experts suggest,

02:57because people are only eligible for the $1 million

03:00if they're registered voters in a swing state.

03:03The Justice Department reportedly sent a letter to AmericaPAC

03:06warning its sweepstakes may violate federal law,

03:09which is punishable by a fine of up to $10,000 and or up to five years in prison.

03:15AmericaPAC has not commented on the letter,

03:17but CNN notes the PAC did not name a winner of its daily $1 million giveaway

03:22on Wednesday after the DOJ's warning was first reported.

03:25However, the pro-Trump political group awarded two additional $1 million prizes

03:30to swing state voters the following night,

03:32despite the Justice Department's warnings.

03:35On Monday, Philadelphia's district attorney, Larry Krasner,

03:39sued Musk and AmericaPAC over the group's $1 million giveaway prizes.

03:44The Philadelphia DA, a progressive Democrat,

03:47sued Musk and AmericaPAC in state court on behalf of the Commonwealth of Pennsylvania.

03:53The giveaway awards $1 million each day to a randomly selected swing state voter

03:58who has signed a petition on the PAC's website.

04:00Nearly half of the giveaway's winners so far have been from Pennsylvania.

04:04The Philadelphia Inquirer notes,

04:07As of last week, Forbes estimated Musk's net worth at $269.8 billion,

04:14maintaining his status as the richest person in the world.

04:18For full coverage, check out Alison Durkee's piece on Forbes.com.

04:24This is Kieran Meadows from Forbes. Thanks for tuning in.

04:34Forbes.com

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