Billionaire Elon Musk's unexpected 'U-turn', can it turn the situation around?

Continually causing surprises, since officially supporting 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 news is that billionaire Elon Musk has officially donated $75 million in the past 3 months to the American Political Action Committee (America Pac) that he founded (July 2024) and is working to support former President Donald Trump's 2024 presidential campaign.

America Pac's recent filing with the Federal Election Commission confirms that Musk donated $15 million in July, $30 million in August, and another $30 million in September. He remains the super PAC's sole donor.

Analysts commented that in this way, Mr. Elon Musk is seeking to gain great influence in Republican politics and most likely the second administration of Mr. Donald Trump.

Observers say that with his unlimited support for the former President, Mr. Musk not only expressed his desire for Mr. Trump to return to the White House, but also showed the American technology billionaire's ambition to enter politics.

Without commenting on Mr. Musk’s ambitions, the actual developments clearly show a rather surprising “turnaround”. From someone who was not interested in politics, maintaining a balanced stance between the two parties like many other businessmen, billionaire Elon Musk openly expressed his political stance and “all-in” in support of Republican candidate Donald Trump.

Tech mogul Elon Musk, who has a net worth of $246.5 billion, has said he has financially supported both Republican and Democratic candidates in previous campaigns, without clearly showing a preference for either party.

However, after the assassination attempt on July 13, Elon Musk publicly endorsed the Republican candidate and has been his most ardent supporter ever since. The tech billionaire praised Trump's strength after the incident, asserting 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 to 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 has a fortune of 246.5 billion USD, about 9 times more than at the beginning of 2020 and is very likely to become the world's first trillionaire.

Billionaire Elon Musk is the co-founder of seven companies, including electric car maker Tesla, rocket maker SpaceX and artificial intelligence startup xAI.

According to Forbes , the tech billionaire’s fortune comes mainly from SpaceX, but the roughly 12% stake he owns in Tesla, not including options, is already a “super-huge” fortune. As of October 16, Tesla had a market capitalization of $701 billion, with shares of the company trading at around $30 at the beginning of 2020 and currently around $220.

Regarding social influence in the US, billionaire Musk is said to be using account X 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 stressed that billionaire Musk's actions in the coming weeks could significantly impact the election results and the future political landscape of the United States. "Billionaire Musk could become the king of this world," Professor Hass said.

In fact, according to insiders, America Pac has quietly become a key partner in former President Trump’s campaign. The committee is said to be working effectively, as its original purpose was to increase voter turnout for the Republican candidate across battleground states, where there is fierce competition, and may even decide the outcome of the 2024 US presidential election on November 5.

America Pac’s presence, with about 400 canvassers in each state, dwarfs even 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% of its funding — on direct action for Mr. Trump himself. The rest has gone to field work that could influence the selection of candidates and mail-order advertising that would support Mr. Trump.

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