- Elon Musk endorsed Donald Trump after Saturday's assassination attempt.
- The Wall Street Journal reported that Musk plans to donate $45 million monthly to a pro-Trump PAC.
Elon Musk, after endorsing Donald Trump for the first time in the aftermath of Saturday's assassination attempt, is putting his money where his mouth is, according to a new report from The Wall Street Journal.
The Journal, citing people familiar with the matter, reported that Musk plans to pledge $45 million each month to America PAC, a pro-Trump super PAC, in the run-up to the election.
The outlet reported that other PAC backers include Joe Lonsdale, the cofounder of Palantir Technologies, Joe Craft, the CEO of coal company Alliance Resource Partners, and the entrepreneurial Winklevoss twins.
Bloomberg previously reported the Tesla CEO had donated to the PAC, but the amount was unknown. President Joe Biden lambasted Musk following the initial report, calling the donation "arrogant."
"Arrogant billionaires only out for themselves are not what America wants or what America needs," James Singer, a spokesman for the Biden campaign, told Bloomberg in a statement. "Elon knows Trump is a sucker who will sell America out, cutting his taxes while raising taxes on the middle class by $2,500."
Representatives for Musk did not immediately respond to a request for comment from Business Insider.
Musk is now publicly supporting Trump after repeatedly indicating he had no plans to endorse or donate to the former president.
However, behind closed doors, reports have circulated for months about Musk and his billionaire friends were strategizing ways to defeat Democrats in this year's election.
Musk has ramped up his political involvement in recent years. While Trump's first administration's priorities included tax cuts and business deregulation, Business Insider previously reported the billionaire may have more to lose than he stands to gain in a second Trump administration.