Musk Denies Crypto Talks with Trump After The Bloomberg Report

Key Points:

• Elon Musk denies discussing crypto with Trump.
• Musk now supports the Republican party.

Despite reports, Elon Musk denies crypto talks with Trump. The Tesla CEO says he won’t contribute to either Trump’s or Biden’s campaigns. Musk opts to “vote Republican” in 2022.

According to reports, Elon Musk, the CEO of Tesla and SpaceX, has been in constant contact with the former president, Donald Trump, discussing myriad issues, from advisory positions to electric vehicles and space programs.

Elon Musk Denies Crypto Talks with Trump

However, Musk has come out in public to deny discussing crypto with the former President. In a post on X (formerly Twitter), Musk said: “Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from the government to the people, which crypto can do.“

The two high-profile figures have been in constant contact, with their discussions reportedly picking up recently amid the Trump campaign’s greater reliance on Musk for his insight into cryptocurrency.

However, Musk later clarified after a donor event in March that he would not be contributing to either Trump’s or President Joe Biden’s campaigns. The discussions were reportedly facilitated by Vivek Ramaswamy, a close ally to Trump and Musk.

Trump Campaign’s Increasing Focus on Crypto

Musk has shown resistance to Trump in the past, but he acknowledged that Trump’s nomination by the Republican primaries was inevitable.

The Trump campaign has increasingly focused on Bitcoin and other digital assets to win new voters. Trump’s shift towards being pro-cryptocurrency could help his campaign rally the support of several industry political action committees with a mission to elect candidates who support digital currencies.

Musk and Trump have previously had a rocky relationship. Musk resigned from two White House advisory councils during Trump’s presidency amid the Trump administration’s decision to withdraw the US from the Paris climate agreement.

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Musk’s Political Contributions and Affiliations

In 2022, though, Musk announced he would no longer support Democrats, opting instead to “vote Republican.”

Despite Musk’s estimated wealth of $202 billion, he has not been a significant political contributor. According to reports based on Federal Election Commission records, Musk has contributed less than $1 million since 2009 to political candidates.