According to fresh federal filings, Elon Musk, the world’s richest billionaire, spent more than $290 million on the 2024 election, which helped Donald Trump and Republicans clinch power.
The year-end filings spanned the last five weeks of the year.
Despite being term-limited, Trump’s former campaign group raised over $21 million throughout the period. Meanwhile, a prominent allied super PAC received several million-dollar contributions, including $1 million from the administration’s choice for ambassador to the UK on the same day he was appointed.
The Democratic National Committee also spent significantly in the weeks following the party’s 2024 losses, pouring over $56 million on headquarters operations, legal fees, and canvassing voter input and contributions.
According to new filings with the Federal Election Commission on Friday, January 31, Musk contributed approximately $11.2 million to his main super PAC, America PAC, on the last day of the year, bringing his total political giving for the cycle to more than $290 million, a sum rivalled only by a handful of competing mega-donors.
Musk’s end-of-year contributions were designated for “petition incentives,” which refer to the million-dollar handouts he organised through the super PAC in the last stretch of the contest.
Those giveaways were to encourage voter registration. The action sparked legal objections, but they were eventually allowed to proceed.
According to the most recent report from Musk’s super PAC, the giveaways cost him more than $50 million out of the $290 million he spent on the 2024 race.
Musk’s 2024 donations were primarily intended to back Trump; over a quarter of a billion dollars went to America PAC, Musk’s primary super PAC for the race.
Musk also donated millions of dollars to several other super PACs and outside entities that supported various Republican candidates and $10,000 to dozens of state Republican Party committees.
The new finding also revealed that after the election, Trump turned his 2024 campaign account into a leadership PAC, which allowed him to continue raising and spending money for political purposes.
The committee, now known as Never Surrender, reported approximately $21 million in total receipts during the last five weeks of the year.
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