Elon Musk joins Silicon Valley titans in huge fundraising surge for Donald Trump

Several tech industry leaders, billionaires, and Silicon Valley moguls are endorsing US presidential candidate Donald Trump as the campaign season heats up in the country.

A new super ‘political action committee’ (PAC) supporting Donald Trump’s presidential bid, America Pac, has received donations from prominent US technology and business leaders, including Palantir co-founder Joe Lonsdale, venture capital pioneer Doug Leone, and the Winklevoss twins.

According to public filings, the PAC has raised over $8.7 million since its launch in June, including several $1 million donations from Silicon Valley investors who have publicly backed Trump, according to a report by the Financial Times.

Elon Musk has also pledged to donate $45 million per month to the PAC, which could significantly boost Trump’s fundraising efforts, Bloomberg reported, adding that other donors include Sequoia partner Shaun Maguire, Valor Equity Partners founder Antonio Gracias, and hedge fund billionaire Bill Ackman.

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Trump’s running mate, Senator JD Vance, has ties to the tech industry and has received support from prominent venture capitalists. Some Silicon Valley leaders, disenchanted with President Joe Biden’s policies, have shifted their political support to Trump, who has promised to protect free speech and support the cryptocurrency industry.

The donations received by the Republican candidate show the increasing support Trump is gaining from major donors in the technology and financial sectors, which began after his May 30 conviction by a Manhattan jury on felony charges related to hush-money payments to an adult film star.

Joe Biden’s poor performance in his June 27 debate with Trump led to internal conflicts within the Democratic Party between his supporters and those who want a different candidate, further boosting support for Trump.

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America PAC is primarily operating behind the scenes to strengthen the Trump campaign’s ground efforts. Among external organisations supporting Trump, America PAC is the largest spender on direct voter contacts. It has spent $15.8 million so far, with $13.1 million allocated to field operations, according to federal records.

The PAC has also funded digital media, texting, and phone calls to reach voters. The group focuses on door-to-door persuasion and get-out-the-vote efforts. A recent FEC ruling allows super PACs to coordinate with campaigns on voter outreach.

While Silicon Valley has traditionally been one of the most liberal regions in the US, some tech leaders, dissatisfied with President Joe Biden’s positions on regulation and taxes, have been shifting politically to the right.