New pro-Trump super PAC reportedly has Elon Musk's support after raising millions in Q2

By Mike Murphy

A new super PAC supporting Donald Trump's presidential run has the backing of a number of tech and finance figures, and multiple reports contend that Elon Musk will soon join them.

The New York Times, Bloomberg News and the Wall Street Journal reported Monday night that the America PAC will soon receive an influx of funds from Musk, the CEO of Tesla Inc. (TSLA) and the world's wealthiest individual.

The group was only formed in May, and a Monday filing with the Federal Election Commission showed it raised $8.75 million in the second quarter and disbursed $7.78 million of that total.

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According to the media reports, the America PAC received financial backing from Joe Lonsdale, co-founder of Palantir Technologies Inc. (PLTR), and crypto entrepreneurs Cameron Winklevoss and Tyler Winklevoss. Other backers reportedly include Antonio Gracias, founder of Valor Equity Partners and a board member of SpaceX; Kelly Craft, the former U.S. ambassador to Canada, and her husband, Joe Craft, the CEO of coal producer Alliance Resource Partners (ARLP); and Douglas Leone, former managing partner of Sequoia Capital.

The Journal reported that Musk has plans to commit $45 million a month to the super PAC. The Times and Bloomberg also reported that Musk was expected to donate, but he had not as of June 30.

Musk has a fortune worth about $267 billion, according to the Bloomberg Billionaires Index.

Musk said earlier this year that he was not donating money to either presidential candidate, but on Saturday he endorsed Trump shortly after the former president was injured in an assassination attempt.

Requests for comment to Musk at his companies, Tesla, X and SpaceX, were not immediately returned.

The Journal reported that the America PAC is focused on "get-out-the-vote" efforts, and the Times reported it has spent about $15 million on behalf of Trump in recent weeks.

-Mike Murphy

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07-15-24 2219ET

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