Elon Musk donates $45 million per month to support Trump's re-election? Tesla stock price rises accordingly.

According to The Wall Street Journal, sources familiar with the matter stated on Monday that Elon Musk, CEO of Tesla and SpaceX, plans to donate around $45 million per month to a political organization supporting Donald Trump's presidential campaign.

Elon Musk Donates $45 Million Monthly?

Following the weekend's assassination attempt, former President Donald Trump gained significant support, with endorsements from Tesla CEO Elon Musk and Pershing Square Capital founder Bill Ackman. Reports emerged that Musk may be donating $45 million monthly to support Trump's campaign.

However, according to CNBC, quarterly financial filings submitted to the Federal Election Commission on Monday indicate that as of the end of June, Musk had not provided any funds to the pro-Trump political action committee America PAC, and it is unclear if he made any donations in July.

From its inception through the end of June, America PAC had received $8.8 million in income, spent $7.8 million, and had less than $1 million in cash on hand. Musk's $45 million would be a significant contribution.

The filings show that the organization has received donations from other prominent entrepreneurs, including Palantir co-founder Joe Lonsdale and cryptocurrency billionaires Cameron and Tyler Winklevoss.

Gemini founders, the Winklevoss brothers, donated 2 million bitcoins to support Trump's presidential campaign.

However, Musk later denied the claims, calling it fake news.

Trump Gains Momentum, Tesla Stock Rises

Musk took to Twitter over the weekend, stating, "I wholeheartedly support President Trump and wish him a speedy recovery."

He also reaffirmed his support when announcing vice presidential candidate J.D. Vance once again!

Tesla's stock price rose 1.8% on Monday, closing at $252.64, reaching a high of nearly 7% during the day at $265.6, marking a more than 35% increase over the past month. Analysts believe that Trump's victory in November will benefit Tesla, as his proposal to impose tariffs on Chinese imports could help Tesla maintain profitability.