The shift in the political winds has long been evident on social media, where Mr Musk and investor David Sacks are among those to regularly scorn President Joe Biden.
But their decision to open their wallets to the Trump campaign is poised to significantly expand their influence beyond their traditional circle – with major consequences for the election.
The support from tech leaders has helped Trump close the fundraising gap that he faced against Mr Biden a few months ago.
“He was pretty far behind and struggling at the end of April,” said Sarah Bryner, research director at OpenSecrets. “In the last eight weeks, it’s a completely different campaign.”
She said the pledges sent a strong signal on how the tide is turning, noting that signs of victory at the polls often help push potential donors off the fence.
“Success begets success,” she said.
Data from OpenSecrets, external shows Democrats claiming the larger share of venture capitalist donations in recent elections – and Mr Biden’s decision to bow out of the race is expected to ignite further interest.
However, Trump’s new friends remain committed.
According to the Wall Street Journal earlier this month, Mr Musk pledged $45m a month to the Trump campaign – which would make him one of the biggest donors this year.
The billionaire has acknowledged his work on fundraising efforts tied to the campaign, but denied, external the sum, saying his contributions will be at a “much lower level, external“.
“I believe in an America that maximizes individual freedom and merit. That used to be the Democratic Party, but now the pendulum has swung to the Republican Party,” Mr Musk wrote on X, the social media platform he owns that was formerly known as Twitter, after Mr Biden dropped out.
Analysts said the backing from key figures in the tech world suggested that Trump was widening his appeal.
“He’s convinced Republicans he’s not as bad as they say… and now we’re seeing that’s broadening out,” said Sal Russo, a veteran Republican consultant based in California.
“Do I think he’s going to win Santa Clara County? No, but he’s going to do better,” said Mr Russo.
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