As a seasoned financial analyst with a keen interest in technology and politics, I find Elon Musk’s sudden shift towards supporting Donald Trump for the US presidency quite intriguing. With a net worth of over $250 billion, Musk is known for his influential presence in the tech industry and his bold business ventures. However, his initial stance on not donating to any candidate for the US presidency raised eyebrows when he made that statement back in March 2024.
Elon Musk, the CEO of Tesla, has announced his intention to back the America PAC, which is a political action committee that advocates for Donald Trump’s campaign in the upcoming US presidential election as the Republican candidate.
Based on a Wall Street Journal article I recently came across, sources close to the situation have shared that Elon Musk plans to allocate approximately $45 million every month towards this particular committee, with the initiative commencing in July.
Musk to Support Trump With $45M Monthly
Last week, it was reported that Elon Musk made a significant, yet unspecified contribution to the pro-Trump campaign. This latest action represents an expansion of his earlier commitment to financially support the presidential candidate. Contrary to his declaration in a March 2024 tweet, Musk initially stated he would not donate money to any US Presidential candidate.
Recently, at a rally in Pennsylvania, Donald Trump, who is 78 years old and running for president, was the target of an assassination attempt. A shooting occurred, causing him to bleed from the ear and be hurriedly taken away from the event scene.
After Musk invested in Trump’s campaign before the shooting incident took place, some people have advised him to stay cautious due to potential backlash from opposing parties. Musk responded through a tweet on X.
“Maybe it’s time to build that flying metal suit of armor.”
More Support for Trump
During the presidential race between Joe Biden and Donald Trump, the latter has advocated for the crypto industry. In contrast, the Biden administration has generally been critical towards the digital asset sector. However, if Trump wins the election in November, he intends to promote cryptocurrencies within the United States.
Trump has gained significant backing from notable figures in the crypto sector due to his acceptance of the industry. For instance, Jesse Powell, a co-founder of Kraken, contributed $1 million in Ether to Trump’s campaign recently. Previously reported was the commitment of the Winklevoss twins, Gemini’s co-founders, who each donated $1 million in Bitcoin to the Republican nominee.
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2024-07-16 13:58