(RepublicanReport.org) – Through May 31, the Federal Election Commission (FEC) reported that the Trump campaign received almost $200 million and had cash on hand of around $116 million. As of the same date, the Biden campaign raised a little over $232 million and had about $92 million cash on hand. Recently, billionaire Elon Musk announced he plans to boost the Trump campaign.
On July 16, The Wall Street Journal reported that Musk plans to commit about $45 million monthly to a new super political action committee (PAC) backing the GOP presidential nominee. But the Tesla CEO isn’t the only one who intends to contribute to the PAC. Palantir Technologies co-founder Joe Lonsdale, former US Ambassador to Canda Kelly Craft, Alliance Resource Partners executive Joe Craft, and the Winklevoss twins also plan to contribute.
The PAC started in June and focuses on getting voters to cast their ballots early, using mail-in voting, and registering voters. It reportedly aims to counteract a movement by the Biden campaign’s “get out the vote” efforts in swing states. A recent filing shows the America PAC had $8.75 million in donations ending June 30. While Musk previously stated he didn’t plan to donate to either the Trump or Biden campaign, that viewpoint clearly changed on July 13 after the assassination attempt on Donald Trump in Pennsylvania. Musk announced he was endorsing the former president and wished him a speedy recovery.
It’s unclear what kind of impact Musk’s support or the intended contributions to the super PAC will have on the upcoming election. However, Northwestern University law professor Michael Kang previously stated that “campaign finance matters,” adding that it’s how “candidates fund their outreach and messaging to voters.” Media advertising also costs lots of money, making fundraising key to a successful campaign. Kang said if candidates want to keep up with their opposition, they need a great deal of money.
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