Elon Musk's super PAC spent about $200 million to help Donald Trump win the U.S. election, according to people familiar with the matter, a figure that far exceeded previous media estimates of $130 million. Musk provides the vast majority of funding to his America PAC, which focuses on low-leaning and first-time voters, according to the source, who requested anonymity.
The U.S. PAC effort was aided by a Federal Election Commission ruling in March that paved the way for super PACs to coordinate get-out-the-vote efforts with campaigns, allowing Trump's campaign to rely on the nearly unlimited funding of America's most high-profile billionaire to boost turnout in deep red areas of the country. That allows campaigns to spend the savings on everything from national ad campaigns to targeted campaigns targeting demographic groups where Democrats once dominated.
This plan works for both parties. Trump saw crucial turnout surges in key battleground states, and the president-elect was effusive in his praise for Musk at the end of the campaign. "We have a new star," Trump said at an election night party in Florida. "A star is born - Elon!"
"The FEC ruling clears the way for us to get more benefits from the soft money businesses that are already out there doing the work," said James Blair, the Trump campaign's political director.
Blair serves as the primary bridge between the Trump campaign and groups like America's Political Action Committee, as opposed to the early super PACs, which had to decide on their own strategies without formal communication with the campaigns they supported.
"By conserving hard currency, we are able to run broader and deeper paid voter contact and advertising programs," Blair said, adding that this includes a broad advertising campaign targeting a national audience, as well as more targeted campaigns aimed at boosting turnout among black and Latino men, two areas where Trump could secure a landslide victory in 2024.
Of course, Musk isn’t the only one spending money to help Trump’s campaign. But in the final months of the campaign, the billionaire became one of Trump's most high-profile surrogates, often appearing onstage alongside the former president. His support opened the door for Trump to a world of young men who admire Musk.
Trump also benefited from Musk's ownership of social media platform X and the company's efforts to end many of the rules that had hindered Trump.
Musk is now expected to play a key role in Trump's second-term administration. The president-elect said he would put Musk in charge of a new Council on Government Effectiveness.