Elon Musk Pledges $45 Million a Month to Support Trump’s Presidential Campaign

• Right after Trump's assassination attempt at the Pennsylvania rally, Musk posted on his X account and said that he's now officially supporting Trump.
• Previously, Musk had expressed his dislike for Joe Biden and said that he wouldn't be donating to any candidates.
• Now, though, he has already made a sizable" pro-Trump donation and is planning to donate $45 million every month to a PAC backing Donald Trump's presidential campaign.

Elon Musk publicly pledged his support for Donald Trump, right after the latter narrowly survived a gunshot at a rally in Pennsylvania on Saturday.

Trump was soon rushed off the stage by members of the Secret Service and is currently in the hospital. However, his spokesman has confirmed that he will be fine. Unfortunately, a spectator in the rally got hit and died on the spot, and another spectator is in critical condition.

While all of this was happening, Elon Musk took to his X account and posted, I fully endorse President Trump and hope for his rapid recovery."

In a separate tweet, Musk posted the iconic photo where Trump is seen pumping his fist into the air with the USA flag in the background and Secret Service members trying to get him off the stage.

Elon Musk also compared Donald Trump to Theodore Roosevelt, who also survived an assassination attempt while campaigning for the office of president in 1912. Last time America had a candidate this tough was Theodore Roosevelt," Musk said in a tweet.

Musk is now planning to donate $45 million per month to a PAC backing Donald Trump's presidential campaign. Another report suggests that Musk has already made a pro-Trump donation. However, the amount of this donation is unknown.

It's important to note, however, that prior to the assassination incident, Elon Musk did not openly support Trump. He did make it clear, though, that he doesn't want Joe Biden to return to the White House.

At the same time, Musk declared that he wouldn't donate to other candidates. This was no surprise at all because, for the longest time, he has identified himself as a centrist."

Why Is Musk Supporting Trump Now?

Elon Musk's dislike for Joe Biden is one of the most open secrets and reasons for his support for Trump. However, that's not all.

Trump had previously announced that if he wins the presidential office this year, he will impose a large tariff on vehicles built by Chinese EV car companies in Mexico.

Now, it's no secret that Elon Musk's own EV car company, Tesla, has been struggling to compete with its Chinese rivals in the past few quarters. Recently, Tesla announce its fourth cybertruck recall.

Chinese car manufacturers are not only offering advanced technology, but they are also doing it for a much cheaper price. Naturally, people are getting drawn to these affordable alternatives, while Tesla is lagging behind.

So, if Trump wins the election this year and stays true to his promise, Tesla's sales will get a massive boost.

Another major reason, I believe, is Elon Musk's much-revered stance for freedom of speech. After the assassination attempt on Trump, he took to X and brutally attacked mainstream USA media for their pathetic display of journalism. The media houses didn't mention words like assassination" or firing" in their coverage at all. This didn't sit right with Musk.

However, I mention this as a possible reason and not a definite one because Musk's outrage towards the media could very well be a subtle way to promote news on X.

Mutual Support for Cryptocurrency

In addition to the above, both Trump and Musk are ardent supporters of cryptocurrency. Just this May, the duo was involved in a discussion about cryptocurrency policy.

Musk was also supposed to speak at the Republican convention, according to an unnamed source. However, nothing has been confirmed about this yet.

Moreover, Trump has announced that he will be willing to accept donations for his campaign in the form of cryptocurrency. His cryptocurrency fundraising has already crossed $3 million in the second quarter.

It's believed that by backing crypto, Donald Trump is trying to win over young voters, who are increasingly relying on digital assets for investments.

Elon Musk has also been quite open about his fascination with cryptocurrency in the past few years. He has also not shied away from showing his influence on his preferred Dogecoin."

Read more: Donald Trump's assassination attempt fuels Bitcoin recovery above $63K & Tesla $DOGE payments rallies meme coins

The Bottom Line

For Musk, supporting a presidential candidate who shares similar views and might contribute to the development of crypto in the USA (as Trump has promised) makes complete sense.

For Donald Trump, on the other hand, the friendship and support of the richest and one of the most influential people on the planet sounds like a good offer, doesn't it?

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