Elon Musk says he is NOT donating $45 million to Donald Trump for this reason - even after ex-president promised to 'make life good for him'

Elon Musk called reports he will donate $45 million a month to Donald Trump  'ridiculous,' and insisted he doesn't 'prescribe to [his] cult of personality.'

The Tesla boss, instead, explained that he planned to start 'lower level' donations in July to the America PAC he set up to back the former president with massive cash injections.

Musk's personal donations were reported to be planned at $45 million a month, in addition to those by other deep-pocketed Trump fans.

But he belatedly denied last week's Wall Street Journal report touting the massive figure, citing people familiar with Musk's plans.

'What's been reported in the media is simply not true. I am not donating $45 million a month to Trump,' he said during a video with Jordan Peterson.

Musk later followed up on Twitter, calling the $45 million figure 'ridiculous' and explaining why he was backing Republicans.

'I am making some donations to America PAC, but at a much lower level and the key values of the PAC are supporting a meritocracy and individual freedom,' he wrote.

'Republicans are mostly, but not entirely, on the side of merit and freedom.' 

Whether the sources cited in the initial report were wrong, or Musk simply changed his mind and claimed it was never the plan, is unknown.

But the massive donation was cited by the former president, who lavished praise on Musk during a Saturday rally.

'I love Elon Musk,' Trump said in Michigan. 'We have to make life good for our smart people, and he's as smart as you get.'

Musk also discussed his reasons for donating heavily to Trump and Republicans in his conversation with Peterson on Twitter, which Musk owns.

The controversial psychology professor, wearing a bizarre suit jacket printed with dozens of icons of Jesus, asked Musk about his switch to the Republicans.

'I don't prescribe to [a] cult of personality,' he said, insisting his super PAC was 'not supposed to be a sort of hyperpartisan' entity.

Musk said he believed he and the Republican Party were more closely aligned on their 'core values' than he and the Democrats.

'One of those values being meritocracy, as much meritocracy as possible, so you get ahead as a function of your skill, and nothing else,' he said.

He said the PAC supported freedom from 'as much government intervention as possible' and claimed the state was more restrictive every year.

Musk said Trump showed 'great courage' after the attempt on his life at a rally on July 13, where a bullet grazed his ear.

The businessman first stated his explicit endorsement of Trump for president in the hours after the assassination attempt, though it was long suspected.

Trump returned the favor, talking up his new superfan's intelligence at a rally in Grand Rapids, Michigan.

'We have to make life good for our smart people, you know? We have some smart people,' he said.

Musk told Peterson he shifted from supporting Democrats, having voted for Joe Biden in 2020, because, he claimed, it was the party of censorship.

This is despite Republican state governments banning books they don't agree with, and Musk frequently railing against transgender people.

Musk also cited an aborted lawsuit by the Justice Department against Space X last year claiming he discouraged refugees from applying to work there.

The billionaire has stepped up his attacked on Biden and the Democrats generally this year, and on Sunday mocked Vice President Kamala Harris using pronouns in a 2022 video.

Musk has attracted several wealthy donors to his America PAC in recent weeks, including Lonsdale Enterprises and the Winklevoss Twins. 

The firm donated $1 million and Cameron and Tyler Winklevoss each contributed $250,000.

Others involved with Lonsdale include former US ambassador to Canada Kelly Craft and her husband, Joe Craft. 

Musk was not listed on a filing by the group, which showed it raised more than $8 million.

Musk's endorsement of Trump cemented his shift towards right-wing politics and gives the former president a high-profile backer in his bid to return to the White House in the November 5 election.

Trump on chose Ohio US Senator J.D. Vance to be his vice presidential running mate, as the Republican Party officially nominated the former president to run again for the White House.

In March, Trump met with Musk and other wealthy donors and caused such a fuss that Musk made a claim on social media afterward.

'Just to be super clear, I am not donating money to either candidate for US President,' he said on March 6. 

In May, he also denied media reports that there had been talks over a potential advisory role for him in any Trump presidency.

Biden campaign spokesman James Singer said that Musk knows Trump is 'a sucker who will sell America out, cutting his taxes while raising taxes on the middle class by $2,500.'

'Joe Biden has been standing up to people like Elon and fighting for the middle class his entire career - and it´s why he´ll win in November,' Singer said in a statement.

Unlike other billionaires, Musk has not spent heavily on political donations but has previously given to both the Republicans and Democrats. 

Musk personally has provided funding to politicians including Hillary Clinton, Barack Obama, Marco Rubio, George W Bush and John Kerry.

His companies Tesla and SpaceX, have benefited from federal government contracts and subsidies.

However, in recent years, Musk has seemingly leaned more towards the GOP.

This may be in part due to a snub by the Biden Administration in 2021 after it didn't invite Tesla to a summit on electric vehicles.

'Let's not forget the White House giving Tesla the cold shoulder, excluding us from the EV summit,' Musk wrote in December, more than two years after the sleight.

The following year he encouraged his followers on Twitter to vote in a Republican Congress ahead of the midterms.

After Musk purchased the social media platform Twitter in 2022, he reinstated Trump's account after it was suspended in the wake of January 6.

Musk has generally railed against left-leaning 'woke' policies and has repeated right wing rhetoric on immigration. 

'America will fall if it tries to absorb the world,' Mr. Musk posted on X on Tuesday. 

He also suggested that Democrats are 'ushering in vast numbers of illegals' to commit voter fraud, despite no evidence to support this. 

Early in the Republican primary season, Musk gave signs he backed Florida Governor Ron DeSantis. 

DeSantis kicked off his campaign with a live streamed interview with the billionaire, however this did not materialize into a donation. 

Trump last month reiterated his pledge to immediately abandon the Biden administration's 'mandate' to support the electric vehicle industry. But he added: 'I'm a big fan of electric cars. I'm a fan of Elon.'

'He does an incredible job with Tesla.'

Musk said they had 'some conversations' and Trump is a 'huge fan of the Cybertrucks,' referring to Tesla's electric pickup trucks.

While he has publicly criticized Biden's policies on immigration and electric vehicles and even his age, Musk has not made any formal endorsement in November's contest and Trump has said he did not know if he has Musk's support.

Musk's views have hurt his standing among some consumers, according to a CivicScience survey.