Elon Musk’s $75 Million Bet on Trump: A Game-Changer for 2024 Elections
In a stunning move that highlights the growing influence of mega-donors in American politics, billionaire entrepreneur Elon Musk has funneled approximately $75 million into a political action committee (PAC) he established to support former President Donald Trump’s 2024 presidential campaign. This hefty investment, revealed in a federal disclosure on Tuesday, positions Musk as a pivotal player in Trump’s bid to reclaim the White House against Democratic candidate Kamala Harris in the upcoming November 5 election.
Musk, who is no stranger to the spotlight as the CEO of Tesla, SpaceX, and the social media platform X, has made headlines not just for his business ventures but also for his political ambitions. Speaking to right-wing commentator Tucker Carlson earlier this month, Musk explained that he created the America PAC to champion the values he holds dear, which include secure borders, sensible spending, safe cities, a fair justice system, free speech, and the right to self-protection.
The billionaire’s support for Trump intensified following an assassination attempt on the former president in Butler, Pennsylvania, in July. Since then, Musk has been actively campaigning alongside Trump, even donning a black “Make America Great Again” hat and declaring, “I am dark MAGA.” At a recent rally in Butler, Musk voiced his concerns about Democrats allegedly wanting to strip away fundamental rights, including freedom of speech and the right to bear arms.
Trump has not shied away from highlighting Musk’s endorsement during his campaign, even promising to appoint him to lead a new government efficiency commission if he wins the election. This partnership underscores the significant role that wealthy individuals and corporations play in shaping political landscapes, especially in a post-Citizens United world where spending on campaigns has skyrocketed.
As of October 9, America PAC has reportedly spent a staggering $87 million, focusing primarily on voter mobilization and canvassing efforts in key battleground states such as Pennsylvania, Michigan, North Carolina, Wisconsin, Georgia, Nevada, and Arizona. This aggressive spending strategy reflects a broader trend in U.S. elections, where outside spending has surged, with projections indicating a record total of $15.9 billion will be spent on federal elections during the 2024 season.
The Supreme Court’s 2010 Citizens United ruling has played a crucial role in this shift, allowing corporations to spend unlimited amounts on political activities as long as they do not directly coordinate with a candidate’s campaign. This decision paved the way for the rise of super PACs, which can raise and spend unlimited funds, leading to an explosion of campaign financing and the emergence of “dark money” in politics.
According to OpenSecrets, a political watchdog, outside spending on campaigns has already reached nearly $2.6 billion this year, significantly outpacing previous election cycles. With still a month to go before the election, this figure is nearly a billion dollars more than at the same point in the 2020 election cycle. Interestingly, this election season has seen a shift in spending patterns, with conservative groups receiving the bulk of outside funding, a reversal from the previous year when liberal groups were favored.
As the election draws near, the stakes are higher than ever, and Musk’s substantial financial backing for Trump could prove to be a game-changer in the race for the presidency. With mega-donors like Musk wielding significant influence, the 2024 election is shaping up to be one of the most expensive and contentious in U.S. history.
