Political donation record: Musk spent $270 million on Trump's campaign

Elon Musk's contribution in the 2024 election cycle eclipsed the previous record set by Tim Mellon, the top Republican donor in recent years, who contributed close to $200 million

Tech billionaire Elon Musk has spent at least $270 million to support Donald Trump's bid for the US presidency, making him the largest political donor in the country, according to new federal filings.

Record-breaking political contributions

Data from the nonprofit OpenSecrets reveals that Musk's contributions have surpassed any single political donor's spending since 2010, setting a new record. Musk, a vocal supporter of Trump, played a key role in funding various aspects of his presidential campaign, including financing door-knocking operations and making appearances at rallies.

 

In recognition of his financial support, Musk has secured a cost-cutting advisory role in Trump’s incoming administration. His efforts have been crucial in helping Trump navigate the electoral race and build momentum.

 

Surpassing previous top donor Tim Mellon

Musk's $270 million contribution in the 2024 election cycle eclipsed the previous record set by Tim Mellon, the top Republican donor in recent years, who contributed close to $200 million. According to filings with the Federal Election Commission, Musk donated $238 million to America PAC, a political action committee he founded to support Trump. Additionally, $20 million went to RBG PAC, which aimed to soften Trump’s stance on abortion through targeted advertising.

Close ties between Musk and Trump

Musk has consistently supported Trump, even inviting the former president to witness a SpaceX rocket launch in Texas. The relationship between the two has deepened, with Trump selecting Musk to lead the newly created Department of Government Efficiency (DOGE). Together, they have promised to implement substantial federal spending cuts.

Potential conflict of interest concerns

Musk's new role raises concerns over potential conflicts of interest, given that his companies interact with both US and foreign governments in various ways. This connection has fuelled debates about the potential for undue influence over policy decisions.

 

In addition to Musk’s prominent role, Trump has nominated several Musk allies for positions in his administration. These include investor David Sacks, who will serve as the AI and crypto czar, and billionaire astronaut Jared Isaacman, who has worked closely with SpaceX and will head Nasa.

Other key donors poised for roles in Trump administration

Several major donors who contributed generously during the final stages of the campaign are set to secure positions in the new administration, pending Senate confirmation.

 

-Howard Lutnick, CEO of Cantor Fitzgerald LP and nominated for Commerce Secretary, donated nearly $5 million to super PACs supporting Trump.

-Jeffrey Sprecher, founder of Intercontinental Exchange, whose wife Kelly Loeffler is tapped to head the Small Business Administration, contributed $1 million.

-Linda McMahon, selected to lead the Education Department, also gave $1 million, according to FEC filings for donations made from mid-October to Election Day.

 

(With agency inputs)