(Image source from: Indiatoday.in)
The affluent tech magnate, Elon Musk, plans to dedicate around $45 million each month to a new fund backing Donald Trump's bi the US presidency, as reported by the Wall Street Journal on Monday. Musk's financial contributions will be directed to a political organization called America PAC, which aims to promote voter registration, early voting, and mail-in ballots among residents in swing states before the November general election, according to individuals familiar with the situation. Musk is one of several prominent supporters of this new fund, with others including Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss. The Tesla CEO formally endorsed Trump's presidential candidacy on Saturday, following the former president's survival of a shooting at a political rally in Butler, Pennsylvania. Musk expressed his full endorsement of President Trump and wished for his swift recovery on the social media platform X, which he acquired in 2022. As the wealthiest person in the world, with an estimated net worth of $250 billion, Musk has been growing increasingly close to Trump throughout the 2024 US election cycle.
Billionaire Nelson Peltz's influence looms large, as individuals can contribute only $3,300 per person to campaigns, but political action committees (PACs) allow mega-donors to circumvent these limits. Trump initially criticized mail and absentee voting, but later reversed his stance as Democrats gained an advantage in this area. Just hours before the four-day convention, Trump secured a significant legal victory, with a federal judge dismissing one of his criminal prosecutions. On Thursday, Trump is set to formally accept the party nomination, setting the stage for a high-stakes showdown against Democratic President Joe Biden in the November 5 election. During the evening session, speakers blamed Biden's economic policies for the ongoing inflation, despite recent signs of easing. Senator Tim Scott, who previously challenged Trump for the nomination, attributed the former president's success to divine intervention.
