Elon Musk Denies $45 Million Per Month Pledge To Donald Trump's Campaign

Elon Musk has firmly denied claims of pledging $45 million per month to Donald Trump's campaign.

While Musk acknowledged initiating the group, he rejected the notion of such hefty donations. This statement coincides with the entrepreneur's comments about the repercussions of Trump's policy stance on electric vehicles.

Elon Musk's denial followed a report alleging that he was financially backing Donald Trump's campaign through substantial monthly donations.

During a campaign rally in Michigan, Trump had boasted about Musk's supposed financial support, claiming, "Elon gives me $45 million a month."

The presidential candidate praised Musk, stating he only learned about the donations from recent reports, not directly from the Tesla CEO.

Musk, whose net worth is estimated at $250 billion, addressed the claims on Monday. The business mogul firmly denied the media reports of such large monthly contributions.

In an interview on X with conservative commentator Jordan Peterson, Musk clarified, "What's been reported in the media is simply not true. I'm not donating $45 million a month to Trump." 

He further stated, "What I have done is I have created a PAC, or Super PAC, whatever you want to call it. I simply call it the America PAC." However, Musk also confirmed his decision to fund a pro-Trump Super PAC, explaining:

"You can donate money directly to candidates — that amount is fairly small. You can donate a lot more money to … a Super PAC. but it certainly allows for a lot more money in the system than would otherwise be possible."

While the presidential candidate praised Musk and his alleged financial support, he did not hold back on criticizing the Biden administration's electric vehicle (EV) policies. In fact, Trump noted that he would "end the electric vehicle mandate" if he won.

In response, Musk commented that Trump's potential policy changes would have a more detrimental effect on other automakers than on Tesla.

According to Reuters, the CEO emphasized that Tesla's focus on artificial intelligence and self-driving technology would mitigate any long-term damage. In his words:

"It would be devastating for our competitors, and it would hurt Tesla slightly but long term probably actually helps Tesla would be my guess." 

Musk highlighted Tesla's strength in autonomy despite the company's report of its lowest profit margin in over five years.

"The value of Tesla overwhelmingly is autonomy. These other things are in the noise relative to autonomy," the businessman remarked.

The 53-year-old also revealed that Tesla has halted plans for a new factory in Mexico but reconsidered after the upcoming U.S. presidential election. 

He explained, "Trump has said that he will put heavy tariffs on vehicles produced in Mexico, so it doesn't make sense to invest in Mexico."

In the meantime, Tesla is ramping up capacity at its existing factories and intends to produce robotaxis at its Texas facility. 

Despite facing economic challenges, Musk remains focused on Tesla's long-term vision of leading the autonomous vehicle market.

Last week, The Blast reported that before exiting the presidential race, the sitting President made a final appeal to the public for campaign donations.

The President cleverly used his COVID-19 diagnosis to catch the public's attention on X, posting, "I'm sick," which initially seemed to confirm his health status.

He quickly followed up with, "of Elon Musk and his rich buddies trying to buy this election. And if you agree, pitch in here."

Subsequently, he shared another tweet featuring an image of Trump and Musk with the words "Defeat Trump" and a prominent "Donate" button.

The link directed supporters to a donation page where Biden's team emphasized the critical need for voter contributions. 

President Biden's fundraising campaign drew mixed responses from X users. Some critics accused the 81-year-old of hypocrisy, pointing out that Mark Zuckerberg allegedly contributed $400 million to support his 2020 campaign.

One critic shared an article about Zuckerberg's donations, questioning, "So you admit Mark bought the 2020 election for you then?"

On the flip side, some X users appreciated the ad's creativity. A supporter praised the campaign team's approach, writing, "Your team lowkey cooked with this." 

Another added, "Nah, this actually hilarious," while a fourth noted, "lol, this was a good delayed thread."

Amid the controversy surrounding his campaign contributions, Elon Musk remains focused on Tesla's strategic priorities.