Elon Musk has denied reports that he was donating $45 million a month to a fund backing former US president Donald Trump`s latest White House bid.
In a post Tuesday on X, Musk called the report he was funding a so-called political Super-PAC "ridiculous." Super PACs are specially designed groups that can spend unlimited amounts on political candidates and causes.
"I am making some donations to America PAC, but at a much lower level and the key values of the PAC are supporting a meritocracy & individual freedom."
"Republicans are mostly, but not entirely, on the side of merit & freedom," he added.
Musk`s comments came days after the democratic campaign for the presidential election was re-invigorated with Vice President Kamala Harris stepping in for Joe Biden.
The Wall Street Journal had reported that Musk plans to donate $45 million monthly to America PAC, even though Musk stated just months ago that he would not donate to either Trump or President Joe Biden.
The Tesla founder formally endorsed Trump`s candidacy for US president earlier this month immediately after the Republican survived a shooting at a political rally in Butler, Pennsylvania.
Musk is one of several major backers of the new fund, with others reportedly including Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft and cryptocurrency investors Tyler and Cameron Winklevoss.
