Elon Musk Donates $75 Million to Support Trump’s Presidential Campaign
Billionaire entrepreneur Elon Musk has significantly bolstered Donald Trump’s presidential campaign by donating nearly $75 million to America PAC, a political action committee that supports Republican candidates. This contribution places Musk among the top donors backing Trump’s bid for reelection.
Musk’s America PAC is focused on promoting candidates who align with core principles such as “Secure Borders, Responsible Spending, Safe Communities, a Fair Justice System, Free Speech, and Self-Protection.” To date, the PAC has spent over $96 million in efforts to support Trump, according to data from the non-profit organization OpenSecrets.
Musk Campaigns for Trump in Pennsylvania
Elon Musk, who is well-known for his fondness for the Dogecoin cryptocurrency, has also been actively campaigning for Trump in Pennsylvania. Musk plans to deliver a series of talks across the state, with attendees required to sign up for America PAC’s petition in favor of free speech and prove they’ve voted in Pennsylvania.
A source close to Reuters revealed that Musk’s Pennsylvania tour follows his recent appearance at a Trump rally, with more events planned to boost Trump’s campaign. This surge in support is closely tied to Musk’s America PAC.
According to Polymarket data, Trump now leads Kamala Harris by 14% in Pennsylvania, a shift that analysts attribute to Musk’s high-profile involvement.
Dogecoin Rises Amid Musk’s Campaign
Dogecoin has remained resilient amidst a broader cryptocurrency downturn, showing an 8% increase over the last 24 hours. Currently trading at $0.125, DOGE has surged 22% over the past month. Trading volume for the meme coin has also jumped by over 50%, signaling heightened investor interest.
In the derivatives market, Dogecoin futures have surged 22% within a few hours as traders anticipate further gains. According to Coinglass, the total open interest (OI) in Dogecoin futures hit $758.41 million, reflecting growing optimism driven by Musk’s public backing of Trump and speculation around the proposed Department of Government Efficiency (DOGE). If Trump wins the presidency, Musk is expected to take a leadership role in this department, fueling rumors of Dogecoin possibly reaching the $1 mark.
In a related move, Musk’s electric car company, Tesla, recently shifted all $760 million worth of Bitcoin from its public wallet—its first Bitcoin transaction in two years. This could be a security measure, redistributing the holdings across several cold wallets.
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