Austin, Texas - Elon Musk said he plans to commit roughly $45 million each month to a new fund backing Donald Trump for president, the Wall Street Journal reported Monday.

Musk's donations will go to a political group dubbed America PAC, which will focus on promoting voter registration, early voting and mail-in ballots among residents in swing states ahead of the November general election, WSJ reported, citing people familiar with the matter.

Trump previously demonized mail and absentee voting, but has backtracked on his criticisms after it became clear Democrats had an edge among voters who cast their ballots in this way.

Musk is one of several major backers of the new fund, with others reportedly including Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and crypto investors Tyler and Cameron Winklevoss.

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The Tesla founder formally endorsed Trump's candidacy for the White House on Saturday after the former president survived an assassination attempt at a campaign rally in Butler, Pennsylvania.

"I fully endorse President Trump and hope for his rapid recovery," Musk wrote on his platform X.

Musk, the wealthiest man in the world with an estimated net worth of $250 billion, has grown increasingly friendly with Trump over the course of the 2024 US election.

In March, the two met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz.