Tech
Crypto Leaders Join Forces to Fund Trump’s 2024 Election Campaign, Musk Pledges $45M a Month
Summary
- Elon Musk is said to be planning to donate $45 million a month to a pro-Trump super PAC called America PAC
- Cryptocurrency industry figures, including the Winklevoss twins, have made significant donations to the PAC
- The super PAC raised $8.8 million in the second quarter of 2024 and focuses on voter outreach in key swing states
- Trump’s campaign has gained support from donors in the technology and financial sectors, particularly after recent events
- The cryptocurrency community has shown growing support for Trump following his shift to a pro-cryptocurrency stance
A new pro-Trump super PAC, America PAC, is receiving significant financial support from prominent figures in the tech and cryptocurrency sectors.
In particular, according to sources familiar with the matter cited, Elon Musk is planning to contribute $45 million per month to the PAC. from the Wall Street Journal.
America PAC, founded in June 2024, has quickly become a major player in the 2024 presidential race. The PAC raised $8.8 million in the second quarter of 2024, with $7.8 million already spent on various campaign activities. The group focuses on voter registration, encouraging early voting, and ballot-by-mail requests in key swing states.
Among the most notable donors are Tyler and Cameron Winklevoss, founders of the crypto exchange Gemini, who each donated $250,000 to America PAC.
This is in addition to their separate $2 million Bitcoin donation to Trump’s campaign last month. Other notable contributors include Palantir Technologies co-founder Joe Lonsdale, who donated $1 million, and Sequoia Capital partners Douglas Leone and Shaun Maguire, who donated $1 million and $500,000, respectively.
The outpouring of support from the tech and cryptocurrency sectors comes as Trump has increasingly embraced cryptocurrency. The former president, who once called cryptocurrency a “scam,” is now accepting cryptocurrency donations for his campaign and has expressed support for Bitcoin miners. This shift has resonated with the cryptocurrency community, leading to increased political and financial support.
Elon Musk’s planned contribution, reported to be $45 million per month, would represent a significant boost to Trump’s campaign finances. While Musk’s name did not appear in the PAC’s latest FEC filing (which only covered through June 30), his potential involvement signals growing support from influential tech leaders.
The attempted assassination of Trump during a rally in Pennsylvania on July 13 appears to have galvanized support from the cryptocurrency community.
After the incident, Musk publicly endorsed Trump on social media platform X, and the cryptocurrency market as a whole saw growth, with Bitcoin climbing back to $64,000.
America PAC’s focus on the ground campaign could prove crucial in swing states. The super PAC has spent $15.8 million so far, including $13.1 million on field operations.
This emphasis on direct voter contact, including door-to-door canvassing and voter turnout efforts, is consistent with a recent FEC ruling allowing super PACs to coordinate with voter outreach campaigns.
Trump’s growing support among tech and financial donors comes as President Biden’s campaign has faced challenges, including calls from some donors to step aside.
This shift in donor sentiment, coupled with the influx of funds to pro-Trump PACs, could have a significant impact on the financial landscape of the 2024 presidential race.