Billionaire entrepreneur Elon Musk says he currently has no plans to fund a Republican super-PAC in the upcoming US elections, including those that oppose President Joe Biden in 2024.
The CEO of Tesla and SpaceX, ranked by Forbes as the richest person in the world, told CNBC in an email that he ruled out funding such an outside group. Super PACs can spend and raise unlimited amounts of money to fight their opponents, often making them important vehicles for the ultra-rich who like to dabble in more than politics. According to Forbes, his net worth is over $218 billion. Musk is among a group of business leaders who have publicly fallen out with Biden and his administration.
“I have no plans to create a super PAC,” said Musk, the CEO of Tesla and SpaceX, when asked if he plans to set up his own campaign fund to oust Biden in the presidential race. “No super PAC, anything going on” when pressed for any plans for November’s midterms.
Tech leaders like Sam Bankman-Fried and Peter Thiel have collectively donated at least $35 million, to super PACs so far in the 2022 election cycle, according to FEC records. Thiel and Musk are part of the so-called “PayPal Mafia,” a group of executives who helped found financial technology company PayPal.
Musk said twice this week that he plans to vote for Republicans in the upcoming election, although he says he previously voted for Democrats like former President Barack Obama.
He told CNBC in February that “Biden deliberately ignored Tesla at every turn.” White House officials announced in April that they held a meeting with Musk and other auto executives, including GM CEO Mary Barra, about electric vehicles.
But Musk continued to blast Biden despite that recent meeting.
He did not respond to follow-up emails when asked if he planned to donate to or campaign for candidates or issues in the upcoming election, including whether he plans to donate directly to a GOP candidate’s presidential campaign, use his Twitter account as a bullying pulpit against Biden and the Democrats, or use his extensive network of business allies to raise money for the eventual Republican Candidates gather President.
Musk could also fund a 501(c)(4) nonprofit that could target Biden’s policies during the midterm and into the 2024 election. These types of groups don’t have to publicly disclose their donors, allowing billionaires like Musk to remain anonymous.
While Musk has said that he “would prefer to stay out of politics,” his campaign contributions, corporate lobbying efforts, and tweets to his millions of followers show the opposite is true.
His previous political donations have been split evenly between Democrats and Republicans, although Federal Election Commission records show his most recent contribution went to the Republican National Committee last year. Musk gave nearly $40,000 to Republican political action committee Protect The House, a PAC designed to protect the GOP majority during the 2018 midterm election. The Republicans eventually lost their majority in the House of Representatives in this cycle. Tesla and SpaceX together spent more than $450,000 on lobbying in the first quarter of 2022 alone, according to federal disclosure reports.
Distance itself from funding a super PAC, particularly one against Biden amid Musk’s criticism of the president, suggests Republicans cannot count on his support in the upcoming elections this year and in 2024, they say some political strategists.
Most of these individuals declined to be named for fear Musk might use his Twitter account against them.
One Republican strategist said Musk is “too much of a loose gun” to rely on. “One day he’s supporting you, the next, who knows,” said this person.
Neither Musk nor Amazon founder Jeff Bezos tend to “put money behind their statements in this area,” said a Silicon Valley policy adviser who counts both billionaires among his friends. Bezos has also publicly targeted the administration for its stance on inflation. Forbes ranks Bezos as the third richest person in the world with a net worth of over $130 billion.
Musk is currently attempting to buy Twitter, with the original offer being valued at over $40 billion. The deal is subject to regulatory approval, while Musk has hinted that he may try to put the deal on hold until he has more clarity on how many Twitter accounts are fake. The Wall Street Journal reported that the Securities and Exchange Commission is investigating Musk’s belated disclosure of his involvement in Twitter. The Journal also previously reported that the agency was investigating Musk and his brother Kimbal over Tesla stock sales.
Former President Donald Trump, who Musk has told he would let back on the platform after Twitter permanently banned him, has not ruled out running against Biden in 2024. Trump has said he doesn’t want to return to Twitter and will remain on his social media platform, Truth Social.
Democratic strategist Mary Anne Marsh says it should be little relief for Democrats if Musk doesn’t fund a super PAC, as the billionaire could be close to controlling Twitter, an already big mouthpiece for him and possibly Trump , in case he returns to the social media platform during the presidential election cycle.
“Who needs a super PAC when you can hand Twitter over to Trump?” Marsh told CNBC. “If Musk owns Twitter and then allows Trump to come back, that’s worth billions to his campaign.”