Elon Musk, the entrepreneur behind Tesla and SpaceX, has strongly denied reports claiming he's contributing $45 million monthly to former President Donald Trump's campaign. In a recent interview with Dr. Jordan B. Peterson, Musk dismissed these allegations as "simply not true."

The billionaire, who previously backed Hillary Clinton in 2016 and Joe Biden in 2020, has recently shifted his political stance. Following the July 13 shooting incident at Trump's Pennsylvania rally, Musk publicly endorsed the former president. This endorsement, coupled with Musk's increasing criticism of the Democratic Party and what he terms the "woke mind virus," sparked widespread speculation about his political affiliations and financial support.

Addressing the controversy, Musk clarified, "What I have done is created a PAC [political action committee] or Super PAC … the America PAC." He emphasized that while he is making contributions to this PAC, they are "at a much lower level" than reported.

Musk also took the opportunity to distance himself from Trump's "Make America Great Again" slogan. "I wouldn't say that I'm … MAGA," he stated, preferring instead the phrase "Make America Greater." He explained that his America PAC aims to "promote the principles that made America great in the first place."

In a reply on X to me following the interview, Musk further elaborated on his political stance. "The key values of the PAC are supporting a meritocracy & individual freedom," he wrote, adding, "Republicans are mostly, but not entirely, on the side of merit & freedom."

Yeah, it’s ridiculous.

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 & individual freedom.

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

— Elon Musk (@elonmusk) July 24, 2024

These clarifications come in the wake of a Wall Street Journal report suggesting Musk would donate $45 million monthly to his newly formed America PAC to support Trump's election bid. Trump himself had commented on these purported donations at a recent rally, expressing surprise at the reported financial support.