Elon Musk rebukes report that he would spend $45 million monthly on pro-Trump PAC

Tesla CEO and SpaceX founder Elon Musk, who is also the owner of social media platform X, refuted a US media report that he would spend around $45 million (€41.3 million) a month on a political fund helping Donald Trump's White House campaign.

Musk said the claim is "ridiculous."

"I am making some donations to America PAC, but at a much lower level and the key values of the PAC are supporting meritocracy & individual freedom," Musk wrote on X.   

A Wall Street Journal article published last week reported that Musk had planned to commit the large amount to America PAC, citing "people familiar with the matter." America PAC backs Trump's candidacy. 

A political action committee (PAC) is a tax-exempt organization which collects funds and donates the money for campaigns.  

Musk, the richest man in the world, endorsed Trump after the former president was targeted in an assassination attempt on July 13. 

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