Billionaire Ilon Musk spent at least 288 million dollars to help elect President Donald Trump and other Republican candidates. This is written by the Washington Post with reference to the documents of the Federal Election Commission of the United States, reports UNN.
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Friday's FEC documents cement Musk's status as the biggest political contributor of the recent presidential cycle at a time when he has amassed an extraordinary amount of power as a member of Trump's inner circle - and is denounced by critics as a de facto unelected co-president.
Musk's staggering political spending in 2024 and the extent of his influence over Trump and the leverage of the federal government completes a remarkable transformation for the world's richest man, who only dabbled a bit in politics before being welcomed into Trump's inner orbit last year.
After the election, the then-president-elect put Musk in charge of the newly formed “Department of Government Efficiency,” which he tasked with cutting federal spending and regulation. This loosely defined role could give Musk the ability to influence policy and spending decisions that directly affect his companies, such as Tesla and SpaceX.
Last year, Musk helped shape America PAC to support Trump, in part by targeting low-propensity voters with an extensive canvassing operation in key swing states. Because of an obscure FEC ruling in March that relaxed some contact rules between campaigns and super political action committees, America PACs and other outside groups have been able to closely coordinate their messaging and campaign plans with Trump's top campaign aides.
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According to the publication, the billionaire's investment in the 2024 election has already more than paid off, as his personal wealth has skyrocketed since Trump's victory in November. Musk's wealth is largely tied to Tesla shares, which have risen significantly in value since the election. Investors and analysts expect the electric car company to benefit significantly from simplified regulation of autonomous driving during the new administration.