Tech billionaire Elon Musk appeared to pare down his commitment to give $45 million a month supporting former President Trump, saying Tuesday that his giving is “at a much lower level.”
Musk had reportedly committed the record amount to America PAC, which he founded alongside other notable conservative donors. The promise came the same day Trump named Sen. JD Vance (R-Ohio) as his running mate.
In a Tuesday interview with conservative commentator Jordan Peterson, Musk backed off reports of the $45 million figure for Trump.
“What’s been reported in the media is simply not true,” he said.
Musk later explained on the social media platform X, which he owns, that he will still back America PAC. He did not confirm nor deny the $45 million figure, or what proportion of those funds would go to backing Trump.
“I am making some donations to America PAC, but at a much lower level and the key values of the PAC are supporting a meritocracy & individual freedom,” he wrote. “Republicans are mostly, but not entirely, on the side of merit & freedom.”
The commitment broke a previous promise to stay out of the 2024 election for Musk. He endorsed Trump last week, shortly after the former president survived an attempted assassination.
“I fully endorse President Trump and hope for his rapid recovery,” Musk wrote in a post on his social platform X, alongside a video of the former president standing and raising his fist after being shot in the ear.
Musk appeared to be growing closer to Trump in recent months, with The Wall Street Journal reporting in late May that the billionaire and the former president had discussed a possible advisory role for Musk in a second Trump administration.
The news comes after Tesla reported weaker-than-expected earnings for the second quarter as automotive sales dropped for a second straight period. The stock slid more than 8% in extended trading on Tuesday.
Tesla remains the top seller of electric vehicles in the U.S. by far, but is losing market share to a growing number of rivals due in part to its aging lineup of sedans and SUVs and the impact of Musk’s incendiary and political commentary.
Of late, Musk has been in the headlines more for his political views than for Tesla’s performance.
Musk had reportedly said he is planning to pledge about $45 million a month to a newly formed political action committee backing former President Donald Trump, but has yet to donate to that group as of the end of June, according to its latest quarterly financial filing. Musk publicly endorsed Trump after the assassination attempt at a political rally on July 13.
Customers are mainly democrats
While only 13% of Republican and right-leaning voters are interested in purchasing a fully electric vehicle this year, according to Pew Research, 45% of Democratic and left-leaning voters are very or somewhat interested.
News Agencies/ CNBC/ The Hill
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