45 Million Silicon Chips, Dips, Tips
Where’s the salsa?
Billionaire Elon Musk reportedly plans to contribute approximately $45 million monthly to a super political action committee (PAC) aimed at supporting former President Donald Trump's re-election bid this November.
Sources informed The Wall Street Journal about Musk's commitment to bolster the American PAC, as reported by the outlet. Other notable backers include Palantir Technologies co-founder Joe Lonsdale, cryptocurrency billionaires Cameron and Tyler Winklevoss, former U.S. Ambassador to Canada Kelly Craft, and her husband Joe Craft, CEO of Alliance Resource Partners.
Reports of Musk's donations to the American PAC emerged on Friday, with sources telling Bloomberg that Musk had made a "substantial" contribution. Following an assassination attempt on Trump at his Pennsylvania rally on Saturday, Musk declared his unwavering support for the former president in a post on X (formerly known as Twitter). "I fully endorse President Trump and hope for his swift recovery," Musk stated.
Support for Trump has been growing among Silicon Valley elites in recent months. Alongside Musk, billionaire hedge fund manager and longtime Democratic donor Bill Ackman endorsed Trump on Saturday, sharing his supportive views and criticisms of President Joe Biden in a post on X. "While my opinion may not matter to everyone, I believe the upcoming presidential election is one of the most significant of our time. I feel a responsibility to share my observations widely," Ackman wrote.
In early June, venture capitalists David Sacks and Chamath Palihapitiya hosted a fundraiser for Trump, raising $12 million from donors, many of whom had never previously contributed to Republican campaigns or Trump.
James David Vance, the Republican Party's nominee for vice president in the 2024 election, has also shown his support. Vance, an American author, venture capitalist, politician, and former United States Marine, has served as the junior United States Senator from Ohio since 2023. He is the first vice-presidential candidate with Marine Corps service and the first millennial to be nominated.
Vance's connections and experience in Silicon Valley are extensive. After graduating from Yale Law School, he initially worked for Senator John Cornyn and served as a law clerk for Judge David Bunning of the U.S. District Court for the Eastern District of Kentucky. He later joined the prestigious law firm Sidley Austin.
In 2016, Vance transitioned to the tech industry, moving to San Francisco to work as a venture capitalist. He served as a principal at Mithril Capital, a firm founded by tech billionaire Peter Thiel. During his tenure at Mithril Capital, Vance focused on investing in technology startups and developing a deep network within Silicon Valley. His work involved identifying high-potential companies and supporting their growth, which solidified his reputation as a key player in the tech investment community.
