TLDR
- Prominent figures in the tech and crypto industries are backing a new pro-Trump super PAC called America PAC
- Elon Musk is reportedly planning to donate $45 million monthly to the PAC
- America PAC raised $8.8 million in Q2 2024 and focuses on voter outreach in key swing states
- Tech and finance donors are showing support for Trump, especially after his shift towards a pro-crypto stance
- The crypto community is also demonstrating increased support for Trump
America PAC, a recently established super PAC supporting Trump’s presidential campaign, is gaining significant financial support from notable figures in the technology and cryptocurrency sectors.
Elon Musk is reportedly considering contributing a substantial amount of $45 million every month to support America PAC, as reported by sources familiar with the matter cited in a recent Wall Street Journal article.
Since its inception in June 2024, America PAC has emerged as a key player in the 2024 presidential election. The PAC managed to raise $8.8 million in the second quarter of 2024, with a majority of the funds amounting to $7.8 million being utilized for various campaign activities. The primary focus of the group revolves around voter registration drives, promoting early voting, and facilitating mail-in ballot requests in crucial swing states.
Prominent contributors to America PAC include Tyler and Cameron Winklevoss, the founders of Gemini crypto exchange, who each donated $250,000 to the cause. Additionally, they made a separate donation of $2 million in Bitcoin to Trump’s campaign last month. Other notable donors include Joe Lonsdale, the co-founder of Palantir Technologies, contributing $1 million, and partners from Sequoia Capital, Douglas Leone, and Shaun Maguire, who donated $1 million and $500,000 respectively.
The recent surge in support from tech and crypto sectors coincides with Trump’s evolving stance on cryptocurrency. Despite previously labeling crypto as a “scam,” the former president now welcomes crypto donations for his campaign and has shown favor towards Bitcoin miners. This shift in perspective has resonated positively within the crypto community, leading to increased political and financial backing.
Elon Musk’s potential monthly contribution of $45 million would serve as a significant financial boost for Trump’s campaign. While Musk’s name did not feature in the PAC’s most recent FEC filing, his rumored involvement indicates a growing endorsement from influential tech figures.
Following a rally in Pennsylvania on July 13, Trump’s support within the crypto community has notably strengthened. Musk’s public endorsement of Trump on the social media platform X and the subsequent market growth, with Bitcoin surpassing the $64,000 mark, further solidifies this trend.
America PAC’s strategic focus on grassroots campaigning could play a pivotal role in battleground states. The super PAC has allocated $15.8 million so far, with $13.1 million earmarked for field operations.
This emphasis on direct voter engagement, including door-to-door canvassing and voter mobilization efforts, aligns with a recent FEC ruling permitting super PACs to collaborate with campaigns on voter outreach strategies.
The increasing backing for Trump among tech and finance donors coincides with challenges faced by President Biden’s campaign, including calls from some donors for him to step down. This shift in donor sentiment, coupled with the significant influx of funds towards pro-Trump PACs, has the potential to significantly influence the financial landscape of the ongoing 2024 presidential race.
Hot Take
The growing support for Trump from influential figures in the tech and crypto industries, coupled with his evolving stance on cryptocurrency, is reshaping the financial dynamics of the 2024 presidential race. As prominent donors show their backing for Trump’s campaign through substantial contributions, the landscape of political funding in this election year appears to be undergoing a notable transformation. With the crypto community also rallying behind Trump following his embrace of digital assets, the impact of these developments on the electoral outcome remains to be seen.
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