Elon Musk, CEO of SpaceX and Tesla, emerged as the largest political donor of the 2024 election cycle, contributing at least $288 million to Donald Trump’s presidential campaign, according to a Washington Post report based on new Federal Election Commission (FEC) filings.  

Following Trump’s victory, he appointed Musk to lead the newly established Department of Government Efficiency, designed to reduce federal spending and regulations.  

In a Friday article, the Washington Post noted that Musk’s massive financial contributions solidified his influence within Trump’s political network, with some critics referring to him as an “unelected co-president.”  

Much of Musk’s political donations were funneled through the America PAC, a super PAC he co-founded to boost Trump’s campaign by engaging low-turnout voters in key battleground states. The PAC raised $263 million, with backing not only from Musk but also from his close associates, including Tesla board member Antonio Gracias, Palantir co-founder Joe Lonsdale, and Sequoia Capital investor Shaun Maguire.

The report, which covered a timeframe starting November 26 until December 31, found that Musk, on the last day of the year alone, contributed $11.2 million worth of what is described as "petition incentives". 

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Earlier FEC filings reported an in-kind contribution of nearly $40.5 million, bringing the total petition-related spending to at least $52.7 million.  

According to the newspaper, Musk's "investment in the 2024 election has already yielded significant returns," with his net worth increasing by over $200 billion since Trump's victory on November 5. This surge is largely due to Tesla's soaring stock price, which has risen about 70% since the election, substantially boosting Musk's wealth. As of mid-December, his fortune was estimated at approximately $442 billion.

Lawsuit dodged

The billionaire launched the initiative in October, promising "$1M to someone in swing states who signed our petition to support free speech & the right to bear arms." Additionally, those who signed could earn $47 for referring a registered voter in key battleground states, including Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin, and North Carolina.  

He was later called to court after a lawsuit was filed suing him and his pro-Trump political action committee for "an illegal lottery scheme."

Musk, alongside other parties, was called to attend a court hearing in Philadelphia in light of a recent lawsuit filed against the political action committee the billionaire is in control of, aiming to stop it from awarding registered voters with one million dollars in battleground states ahead of the November 5 elections. 

However, the judge refused to block the rewards, leaving Musk off the hook. 

Read more: DOJ asked to probe Musk's effort to pay voters for Trump ballots