US Election: Billionaire Elon Musk's Unexpected U-turn Could Turn the Situation Around?

Continually causing surprises, since officially endorsing former President Donald Trump in July, billionaire Elon Musk has emerged as an influential advisor and a leading “donor” for the Republican candidate in all aspects. So how big is this billionaire’s influence?

US Election: Billionaire Elon Musk's Unexpected U-turn Could Turn the Game Around? (Source: Getty Images)

Not to mention the hidden values behind it, but what the world 's billionaire USD does not hesitate to show on the outside is enough to show that his support "is not only valuable in money" for Vice President Kamala Harris' opponent.

Calculation of the richest man on the planet?

The most notable image in the election campaign of former President Donald Trump was when Mr. Elon Musk - the richest man in the world - danced on stage as a "backdrop" for the Republican candidate during the election campaign in Pennsylvania on October 5. The impressive appearance of the American technology tycoon created a series of "memes" and attracted many people's attention on the social network X owned by himself. In terms of funding, the latest information is that billionaire Elon Musk has officially donated 75 million USD in the past 3 months to the American Political Action Committee (America Pac) founded by himself (July 2024) and is trying to support the 2024 presidential campaign of former President Donald Trump. America Pac's recent filing with the Federal Election Commission confirmed that billionaire Musk donated $15 million in July, $30 million in August, and another $30 million in September. He remains the sole donor to the super PAC. Analysts say that by doing this, Elon Musk is seeking to gain major influence in Republican politics and, most likely, the second administration of Donald Trump. Observers say that with his unrestricted support for the former President, Musk not only expressed his desire for Trump to return to the White House, but also showed the American technology billionaire's ambition to enter politics. Without commenting on Musk's ambitions, the developments in reality clearly show a rather surprising "turnaround". From someone who is not interested in politics, maintaining a balanced stance between the two parties like many other businessmen, billionaire Elon Musk publicly expressed his political stance and "all-in" to support Republican candidate Donald Trump. Technology tycoon Elon Musk "holds" a net worth of 246.5 billion USD, once said that he financially supported both Republican and Democratic candidates in previous campaigns, not clearly showing preference for any party. However, after Mr. Trump's assassination attempt on July 13, Mr. Elon Musk publicly supported the Republican candidate and has become the most enthusiastic supporter since then. The technology billionaire praised Mr. Trump's strength after the incident, affirming that the former President "must win to protect the Constitution and American democracy". Reuters later commented that billionaire Musk has emerged as one of the leading donors of the Republican Party in all aspects.

Money, America Pac and Social Network X

So how far does billionaire Elon Musk reach? “Musk’s influence is money, America Pac, and social media X. He’s not afraid to use all three of these tools to boost support for Mr. Trump,” said Larry Sabato, director of the Center for Politics at the University of Virginia.

As of October 16, according to Forbes , Mr. Elon Musk had a fortune of 246.5 billion USD, about 9 times more than at the beginning of 2020 and could very well become the world's first trillionaire. Billionaire Elon Musk is the co-founder of 7 companies, including electric car manufacturer Tesla, rocket manufacturer SpaceX and artificial intelligence startup xAI. According to Forbes , the tech billionaire's fortune comes mainly from SpaceX, but the approximately 12% stake he owns in Tesla, excluding options, is already a "super-huge" fortune. As of October 16, Tesla had a market capitalization of 701 billion USD, the company's shares were priced at about 30 USD at the beginning of 2020 and are currently around 220 USD. Regarding social influence in the US, billionaire Musk is said to be using the X account with 200 million followers and regularly posting messages supporting Mr. Trump's campaign. "At the 'sprint' stage in the race to the White House, the active appearance of the world's richest person next to candidate Donald Trump represents "a new force" in American politics - a technology giant that not only has a huge fortune but also has great influence on the media", Arizona State University Professor Mark Hass commented. Professor Hass emphasized that billionaire Musk's actions in the coming weeks could significantly impact the election results and the future US political landscape. "Billionaire Musk could become the king of this world", Professor Hass said. In fact, according to insiders, America Pac has quietly become a major partner in former President Trump's election campaign. The group is said to be doing what it set out to do — drive voter turnout for the Republican candidate in battleground states that are fiercely contested and could even decide the outcome of the 2024 presidential election on November 5. America Pac’s presence, with about 400 canvassers per state, dwarfs the Trump campaign itself and other groups involved in voter turnout efforts. It is also the only group with ambitions to complete three “rounds” of targeted voter turnout before the November election. America Pac has so far spent about $30 million — or 40 percent of its funding — on Trump’s own direct action. The rest has gone to field work that could influence the candidate’s ability to choose candidates and mail-in advertising to support Trump.

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