Tesla owner Elon Musk is planning to back Republican candidate Donald Trump’s presidential campaign. According to Wall Street Journal, Musk is planning to pledge $45 million a month to a newly formed PAC (Political Action Commission – a tax-exempt organization that pools campaign contributions from members and donates those funds to campaigns for or against candidates, ballot initiatives, or legislation)

As per the quarterly financial filing submitted to the Federal Election Commission (FEC), Musk had not given any money to the group, called America PAC. If he had donated any money in July is unclear.

However, the super PAC, which was formed in late May this year, has has received contributions from other high-profile entrepreneurs, including Palantir, co-founder Joe Lonsdale and crypto billionaires Cameron and Tyler Winklevoss, as per the filing.

Read also: Trump Rally Shooting: Important Things To Know

Lonsdale donated $1 million to America PAC through Lonsdale Enterprises. The Winklevoss twins each donated $250,000 to the super PAC, according to the FEC.

As per the filing, America PAC brought in $8.8 million and spent $7.8 million between its inception and the end of June, leaving it with just under $1 million in cash on hand.

Bill Ackman, the American investor, hedge fund manager, philanthropist, and CEO of Pershing Square Capital Management, has also announced his endorsement of Donald Trump.

“Today, when one announces an intention to support Trump, Biden supporters who know me tend to assume that I have lost it. I assure you that I have made this decision carefully, rationally, and by relying on as much empirical data as possible,” Ackman wrote on X.

“Remember, media organizations are like sports teams that run plays chosen by their owners and executed by the coaches they hire. They are not unbiased arbiters of the truth”, he further added.

Read also: FBI Identifies 20-Year-Old Thomas Mathew Crooks As Trump Rally Shooter

Minutes after the attack on Donald Trump on Sunday, Musk, took to his X handle and officially endorsed for Trump. “I fully endorse President Trump and hope for his rapid recovery”, he wrote.

The former US President, Donald Trump was shot in the ear on Sunday during a rally in Pennsylvania. Video footage of the incident, multiple bangs rang out as Trump spoke about President Joe Biden and his administration. He was quickly covered by Secret Service agents and rushed off-stage. There appeared to be blood on his face as he was taken off stage.

In a post on Trump’s Truth Social account, he said, “I was shot with a bullet that pierced the upper part of my right ear. Much bleeding took place, so I realized then what was happening”.

The culprit was identified as 20-year-old Thomas Mathew Crooks, who was shot dead at the scene. He was killed by the US Secret Service Officers at the Butler rally.