Elon Musk, the world's wealthiest man, has pledged to contribute approximately $45 million each month to Donald Trump's presidential campaign, The Wall Street Journal reported on Monday.

During the national convention on Tuesday, the Republican Party officially announced Donald Trump as their presidential candidate.

Musk is donating funds to a Super PAC, which will be dedicated to increasing voter turnout, the newspaper said, citing people informed on the matter.

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The organization is focused on increasing voter participation by encouraging voter registration, early voting, and mail-in ballots. Their efforts will be concentrated on residents in swing states, which are crucial in determining the outcome of the upcoming November general election.

The Tesla and Twitter (X) chief announced officially endorsing popular candidate Trump on Saturday, shortly after the former president survived an attempted assassination at a political rally in Pennsylvania

"I fully endorse President Trump and hope for his rapid recovery," Musk posted on X.

I fully endorse President Trump and hope for his rapid recovery pic.twitter.com/ZdxkF63EqF

— Elon Musk (@elonmusk) July 13, 2024

In the United States, individuals can only donate up to $3,300 directly to a political campaign. However, there are ways for wealthy donors to contribute more significantly. They can give money to political action committees (PACs), which can receive much larger donations and spend funds to support candidates.

Read more: Trump says 'evil' cannot win after assassination attempt