American tech billionaire Elon Musk says he is committing $45 million every month in donations to former President Donald Trump’s campaign as the Republican Party nominee pushes to defeat incumbent Joe Biden in the 2024 November U.S. presidential election.

Mr Musk publicly announced his support for Mr Trump in the aftermath of a failed assassination attempt on the 78-year-old politician at a campaign rally in Pennsylvania on Saturday, saying, “I fully endorse President Trump and hope for his rapid recovery.”

The Wall Street Journal is reporting that Mr Musk’s endorsement of the Republican candidate is now growing fast, stating the billionaire businessman has pledged a $45 million monthly donation to a new super political-action committee called the America PAC, citing two people familiar with the matter.

The committee is backing Mr Trump’s presidential run, with other major backers of the group being Palantir co-founder Joe Lonsdale, former U.S. ambassador to Canada Kelly Craft and cryptocurrency investors Tyler and Cameron Winklevoss.

Campaign regulation prohibits any individual from donating more than $3,000 per person to a candidate, but mega-donors can employ loopholes in the campaign finance system that allow political mega-donors to contribute to funds known as political action committees or “PACs,” which support candidates.

Meanwhile, Mr Trump announced on Monday 39-year-old political newcomer James David Vance as his running mate for the presidential race.

Mr Musk hailed the pick as an “excellent decision,” saying the combination of the duo “resounds with victory.”