According to Bloomberg’s report on July 12th, insiders revealed that Musk donated money to a low-key organization called America PAC. It is currently unclear how much money he paid, but insiders describe the amount as enormous. The next time the committee needs to disclose the donation list is July 15th.
This move highlights the growing influence of this tech giant with a net worth of $263.6 billion, who ranks first on the Bloomberg Billionaires Index, and also demonstrates how a self proclaimed political independent who would rather stay out of politics can transform into a figure who frequently uses his X social media platform to support right-wing views and attack the Democratic Party.
Before Musk paid, Trump had already surpassed his competitor Joe Biden in terms of fundraising amount, as wealthy Wall Street and corporate funders came to the rescue. At the same time, the catastrophic debate led Democratic donors to put away their check books, causing Biden’s new sources of funding to gradually dry up.
Musk has not publicly endorsed any candidate for the 2024 election. He stated earlier this year that he estimated he would not provide funding for the campaigns of Trump or Biden. But his decision to open his wallet now has created an opportunity for him to become an important Republican financier.
Biden’s campaign fundraising encounters obstacles
According to media reports on Friday (July 12), two sources revealed that some Democratic donors have told Future Forward that if Biden continues to be the party’s presidential candidate, they will shelve donation commitments worth approximately $90 million.
Two informed sources estimate that the total amount of donation commitments put on hold by donors is about or exceeds $90 million, but they did not specify who made these decisions. According to another source, ‘Future Forward’ has not yet made significant strategic decisions until it is clear who will become the campaign leader.
Regarding this news, a consultant from Future Forward stated that the organization hopes that donors who have suspended their donations can return after the uncertainty is resolved. LinkedIn co-founder and billionaire Reid Hoffman’s assistant also criticized these phenomena.
Hoffman is one of the main donors to ‘Forward’ and has donated $10 million. Hoffman’s assistant Rae Steward told the media that freezing funds by some other donors at this critical stage of the election cycle is a problematic decision.
Three weeks ago, Biden’s poor performance in a debate with former President Donald Trump intensified concerns about whether the 81 year old could defeat Trump and be competent in public office. This has also led to a more open call within the Democratic Party for a “change of leadership” in recent times.
The day before, when introducing Ukrainian President Zelensky during the NATO summit, Biden mistakenly referred to him as “President Putin”. At the subsequent press conference, Biden made another slip of the tongue and referred to Vice President Harris as “Vice President Trump”.
On Friday, several Democratic congressmen joined the ranks of ‘Biden should withdraw from the presidential race’. California Democratic Congressman Mike Levin recently wrote, “I believe it’s time for President Biden to pass on the torch
However, Biden emphasized at yesterday’s press conference that he will not give up running for the 2024 presidential election unless opinion poll data shows that “it is impossible to win”.
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