Billionaire Elon Musk gave another $43.6 million through Oct. 16 to his America PAC that’s helping to elect former President Donald Trump, federal filings show, as the Tesla CEO has now spent more than $118 million bankrolling the super PAC while becoming one of Trump’s most prominent supporters—and as his $1 million offers to voters draw legal scrutiny.
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NewsTranscript
00:00Today on Forbes, Elon Musk is now Trump's second-biggest financial backer,
00:05donates nearly $120 million to SuperPAC.
00:10Billionaire Elon Musk gave another $43.6 million through October 16th
00:16to his AmericaPAC that's helping to elect former President Donald Trump.
00:20This, according to federal filings, as the Tesla CEO has now spent more than $118 million
00:27bankrolling the SuperPAC while becoming one of Trump's most prominent supporters.
00:32Musk has now surpassed Miriam Adelson
00:35to become the second-largest individual pro-Trump donor this election cycle,
00:39The New York Times notes, after billionaire Timothy Mellon,
00:42who has given $150 million so far to aid the ex-president.
00:47The donations are to independent SuperPACs, not the Trump campaign itself.
00:52Musk gave $43.6 million to AmericaPAC between October 1st and 16th,
00:57according to filings with the Federal Election Commission,
01:00which will be the last time the SuperPAC's donations are publicly reported before Election Day.
01:06That comes on top of $75 million Musk already gave AmericaPAC through September 30th,
01:12and his money makes up nearly all of the $130.3 million the SuperPAC has raised overall.
01:19AmericaPAC has generated controversy in recent weeks
01:22for giving away $1 million each day to a randomly selected swing state voter
01:26who signed a petition on the group's website,
01:29a plan that was announced the Saturday after the deadline for this FEC filing,
01:33so it's possible Musk could have given more cash after October 16th to help fund the gambit.
01:40The SuperPAC is reportedly largely responsible for the Trump campaign's ground game,
01:44knocking on voters' doors,
01:46though reports suggest it's faced issues with its tech infrastructure
01:50that have allowed workers to claim they've knocked on voters' doors when they actually haven't.
01:55Musk has also personally supported Trump on the campaign trail,
01:58appearing with the ex-president at a campaign rally
02:01and headlining his own events in Pennsylvania in recent days.
02:04The New York Times reported last week that Musk is becoming, quote,
02:08more frenzied about his efforts to elect Trump
02:11and will continue campaigning for him through Election Day.
02:14He appeared alongside the ex-president at his campaign rally
02:17at Madison Square Garden this past weekend.
02:20Musk has also incorporated two companies, Group America, LLC,
02:24and United States of America, Inc.,
02:26that suggest he could be trying to establish a foothold in the political world
02:30more long-term, Forbes first reported.
02:34We don't know if Musk will face any legal consequences for his work with AmericaPAC.
02:39Legal experts have broadly warned the group's plan paying $1 million to voters
02:44likely runs afoul of federal law,
02:47which prohibits anyone from offering money or other rewards
02:50to entice Americans to vote or register to vote.
02:54That could apply to AmericaPAC's giveaways, experts suggest,
02:57because people are only eligible for the $1 million
03:00if they're registered voters in a swing state.
03:03The Justice Department reportedly sent a letter to AmericaPAC
03:06warning its sweepstakes may violate federal law,
03:09which is punishable by a fine of up to $10,000 and or up to five years in prison.
03:15AmericaPAC has not commented on the letter,
03:17but CNN notes the PAC did not name a winner of its daily $1 million giveaway
03:22on Wednesday after the DOJ's warning was first reported.
03:25However, the pro-Trump political group awarded two additional $1 million prizes
03:30to swing state voters the following night,
03:32despite the Justice Department's warnings.
03:35On Monday, Philadelphia's district attorney, Larry Krasner,
03:39sued Musk and AmericaPAC over the group's $1 million giveaway prizes.
03:44The Philadelphia DA, a progressive Democrat,
03:47sued Musk and AmericaPAC in state court on behalf of the Commonwealth of Pennsylvania.
03:53The giveaway awards $1 million each day to a randomly selected swing state voter
03:58who has signed a petition on the PAC's website.
04:00Nearly half of the giveaway's winners so far have been from Pennsylvania.
04:04The Philadelphia Inquirer notes,
04:07As of last week, Forbes estimated Musk's net worth at $269.8 billion,
04:14maintaining his status as the richest person in the world.
04:18For full coverage, check out Alison Durkee's piece on Forbes.com.
04:24This is Kieran Meadows from Forbes. Thanks for tuning in.
04:34Forbes.com