As a long-term crypto investor and observer of the tech industry, I have seen my fair share of high-profile figures making headlines for their support of various political campaigns. However, Elon Musk’s recent decision to back former President Donald Trump’s bid for the White House through a substantial donation to America PAC has caught my attention.
As a crypto investor and follower of political news, I’ve learned that Elon Musk, the CEO of Tesla and SpaceX, is reportedly supporting former US President Donald Trump in his bid for the White House. The Wall Street Journal disclosed this information, stating that Musk intends to contribute approximately $45 million per month to a newly formed super PAC backing Trump. Insiders familiar with the situation shared this news with the WSJ. However, as of June 30, Musk’s quarterly financial report submitted to the Federal Election Commission did not reveal any donation to the America PAC.
Significantly, the America PAC was founded towards the end of May this year. Within a mere month after its establishment, it managed to amass $8.8 million in donations and splurged $7.8 million. Consequently, it now holds approximately $900,000 in cash reserves.
Several prominent entrepreneurs have made generous contributions to Trump’s campaign through the America PAC. Notable donors include Joe Lonsdale, co-founder of Palantir, and the Winklevoss twins, Cameron and Tyler, who co-founded Gemini exchange. Additionally, former US ambassador to Canada Kelly Craft and her husband, Joe Craft, who heads coal producer Alliance Resource Partners, have also shown their support for this super PAC.
Based on various sources, Lonsdale’s company, Lonsdale Enterprises, is reported to have given $1 million to America PAC. Furthermore, a new disclosure shows that each of the Winklevoss twins has contributed $250,000 to the super PAC.
Musk’s Support
Trump has reached the threshold of delegates necessary for being formally designated as the Republican Party’s (GOP) nominee. In addition, he has declared Ohio US Senator J.D. Vance as his choice for vice president.
In more current times, Trump’s perspective towards cryptocurrencies has undergone a significant transformation. Previously, he had labeled them as “scams.” However, now, his stance has evolved, and he is even accepting digital currencies for his presidential campaign contributions. This change in position has earned him considerable favor among crypto enthusiasts.
As a crypto investor, I’ve noticed Musk’s significant impact on the digital currency market, particularly on meme coins like Dogwifhat (WIF). In June, there was a notable rally for this coin following Musk’s influence. Recently, Musk endorsed Trump on platform X. This endorsement came after Trump survived an assassination attempt at a campaign rally on July 13. With Musk’s recent announcement of donating $45 million to the super PAC, Trump’s presence in the crypto community has been solidified.
Currently, there’s a notable increase in the value of PoliFi meme coins following optimistic poll predictions for Trump’s victory against Joe Biden. For example, the MAGA token has experienced a rise of over 35% within the last week. Likewise, the Never Surrender (TRUMP) token has surged more than 145% during this time frame. The overall cryptocurrency market is also experiencing significant growth, with Bitcoin regaining its position above $64,000.
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2024-07-16 11:28