Elon Musk to back Donald Trump’s campaign, Tesla’s billionaire founder plans $45 million monthly contributions: Report

The Wall Street Journal has reported that Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, plans to support Donald Trump's presidential campaign with substantial financial backing. According to a Wall Street Journal report, Musk will contribute $45 million each month to bolster Trump's bid for re-election.

Trump made a dramatic entrance during the first night of the Republican National Convention on July 15, receiving a thunderous ovation from party supporters just two days after narrowly escaping an assassination attempt.

With a thick bandage covering his right ear, Trump walked into the Fiserv Forum in downtown Milwaukee as the crowd chanted "Fight! Fight! Fight!" and pumped their fists. The chants echoed his reaction moments after he was grazed by a bullet.

The former president, visibly moved by the warm reception, stood in a box alongside some of his children and US Senator J.D. Vance, who was announced as Trump's running mate earlier in the day.

The four-day convention kicked off hours after Trump secured a significant legal victory, with a federal judge dismissing one of his criminal prosecutions. Trump is scheduled to formally accept the party's nomination in a prime-time speech on Thursday, setting the stage for a showdown against Democratic President Joe Biden in the November 5 election.

During the evening session, speakers criticised Biden's economic policies, blaming them for persistent inflation despite recent easing. Senator Tim Scott, who briefly competed against Trump for the nomination, attributed Trump's survival to divine intervention.

"Our God still saves," Scott declared. "On Saturday, the devil came to Pennsylvania holding a rifle, but an American lion got back on his feet and roared!"

Vance, 39, who was once a fierce critic of Trump in 2016, has since become one of his staunchest defenders, aligning with Trump's disputed claims of widespread fraud in the 2020 election. While Vance is popular with Trump's core supporters, his conservative stance on issues like abortion may alienate moderate voters.

After Trump's afternoon announcement, Vance and his wife, Usha, mingled with delegates on the convention floor, shaking hands and exchanging hugs. Vance is slated to address the convention on Wednesday.

President Biden, speaking at Joint Base Andrews in Maryland, described Vance as "a clone of Trump on the issues." Meanwhile, Democrats criticized Vance's record on reproductive rights. In an interview with Fox News on Monday night, Vance stated his support for Trump's position that each state should decide its own abortion laws.

Opinion polls indicate a close race between Trump, 78, and Biden, 81, with Trump leading in several key swing states. However, Trump has not confirmed whether he will accept the election results if he loses.