Elon Musk has publicly refuted claims that he is donating $45 million per month to Donald Trump's presidential campaign. The Wall Street Journal had initially reported this information, citing sources familiar with the matter. However, Musk addressed these rumors directly during an interview with author and conservative commentator Jordan Peterson on Monday, making it clear that the reports were inaccurate.
"What's been reported in the media is simply not true," Musk asserted. "I am not donating $45 million dollars a month to Trump." This clarification came during a discussion on Musk's platform, X, where he explained his actual contributions and political stance.
Musk did acknowledge the creation of a super political action committee (PAC) named America PAC, designed to support Trump's campaign. Super PACs can raise unlimited funds for campaign expenditures such as advertisements and operations but cannot donate directly to the campaign. Musk emphasized the difference between traditional PACs, which are limited to $5,000 per donor annually, and super PACs, which have no such restrictions.
The establishment of America PAC has seen significant contributions from several high-profile tech industry leaders. Among the notable donors are Ken Howery, an early PayPal executive, Antonio Gracias, a private-equity leader, Sequoia Capital's Shaun Maguire, and the Winklevoss twins. Joe Lonsdale, co-founder of Palantir and a venture capitalist in Austin, is also closely involved with the PAC and maintains a close relationship with Musk.
Despite his support for Trump, Musk distanced himself from the "MAGA" (Make America Great Again) movement, instead aligning himself with "MAG" (Make America Greater). He stated, "I don't prescribe to [a] cult of personality," but acknowledged Trump's resilience, particularly highlighting his reaction to an attempted assassination in July. Musk believes Trump's strength helps to intimidate America's enemies, showcasing a type of courage that Musk finds commendable.
Musk's political principles, as articulated during the interview, revolve around core American values, particularly meritocracy and freedom from excessive government intervention. "One of those values being meritocracy, as much meritocracy as possible, so you get ahead as a function of your skill, and nothing else," he said. Musk also emphasized the importance of reducing government regulations, suggesting that increasing governmental control could lead to an overregulated society.
When Peterson questioned Musk about his shift from voting Democratic to supporting Trump, Musk cited the Democrats' move towards censorship as a significant factor. He criticized the Justice Department's lawsuit against his company, SpaceX, under President Joe Biden's administration. The lawsuit alleged that SpaceX discouraged refugees and asylum seekers from applying for jobs. A court order eventually blocked the U.S. from pursuing this lawsuit further.
The Wall Street Journal, which initially reported Musk's alleged monthly donations to Trump, has yet to issue a retraction or a follow-up article to correct the record. This misreporting has led to significant public discourse and clarification from Musk himself.
Musk's establishment of the America PAC in Texas earlier this year signifies his strategic move to support Trump's campaign within legal parameters. He refrained from disclosing the exact amount of his contributions to the PAC during his interview with Peterson.
The creation of super PACs has become a common strategy among both Republican and Democratic supporters to channel significant financial support into political campaigns, following a 2010 D.C. appeals court decision that allowed their existence. Musk's involvement with America PAC and his endorsement of Trump highlight his political shift and commitment to influencing the upcoming election.
