Elon Musk spent $259 million to support Donald Trump’s presidential campaign, making him one of the largest individual contributors in US election history.
US Federal Election Commission (FEC) data revealed that Musk donated $239 million to America PAC, which he founded to mobilize voters for Trump. An additional $20 million went to RBG PAC in October, a group aimed at reassuring voters that Trump will not impose a national ban on abortion.
Musk’s financial support made up the majority of Silicon Valley’s $394.1 million in election contributions. Other notable Trump donors include Marc Andreessen, who contributed $5.5 million, and Jan Koum, who gave $5.1 million.
The Trump campaign received a total of $273.2 million from Silicon Valley, reflecting the growing involvement of technology leaders in American politics.
Kamala Harris, Trump’s opponent, received $120.9 million from Silicon Valley donors. Significant contributions included $51.1 million from Facebook co-founder Dustin Moskovitz, $17 million from LinkedIn co-founder Reed Hoffman, and $11.7 million from Ripple CEO Chris Larsen.
Harris was supported by advocates of cryptocurrencies and innovation-focused policies, which are seen as more favorable to the technology and fintech industries.
The influence of cryptocurrency advocates was prominent in both campaigns.
Trump accepted Bitcoin donations, including $2.5 million from founders Gemini Tyler and Cameron Winklevoss. The cryptocurrency industry, now one of the largest contributors to the election, has spent $40 million in congressional races and influenced regulatory positions.
Nonprofit organizations and major political action committees allowed large donations to both campaigns, highlighting the lack of transparency in political financing.
Musk’s support for Trump aligns with his interest in deregulation and tax policies that favor industries like technology, energy, and cryptocurrencies. Meanwhile, Harris’s pro-technology stance has garnered significant support from innovators and entrepreneurs.