Citing three unnamed sources familiar with the meeting, The New York Times reported that former President Donald Trump met Elon Musk in Palm Beach, Florida, on Sunday to solicit additional donors for his reelection campaign.

According to the outlet, several wealthy GOP donors were also present as Trump’s campaign actively seeks significant contributions. The impending general election is widely seen as a rematch between Trump and President Joe Biden.

Trump’s efforts to secure donors coincide with President Biden’s ongoing success in fundraising, outpacing his predecessor as major campaign expenditures loom ahead. Biden’s campaign started last month with $56 million in reserves, surpassing Trump’s campaign, which had just over $30 million.

Also, Trump and his allies have allocated substantial funds towards legal fees, with a pro-Trump PAC alone spending over $52 million on legal expenses last year. According to one source, who has spoken with Trump about Musk informed the Times that Trump admires the billionaire and is looking forward to having a one-on-one meeting with him.

Elon Musk’s Political Balancing Act: Trump, Biden, and Donor Dilemmas

However, it is unclear whether Musk is planning to donate to Trump’s campaign. Musk presents an intriguing option as a potential major donor.

Despite his significant investment of $44 billion in acquiring Twitter, which led to the company losing over 71 per cent of its value, the tech mogul has historically allocated relatively minimal funds to political causes.

REPORT: The New York Times reports that Elon Musk met with Donald Trump in Palm Beach, Florida with wealthy Republican donors on Sunday.

Epic if true 🔥🔥

According to the source who spoke with the NYT, Trump has been praising Musk to close allies and says he hopes to have a… pic.twitter.com/zkiq58EyNt

— Collin Rugg (@CollinRugg) March 6, 2024

Data shared by OpenSecrets reveal Musk contributed a total of $725,750 to political campaigns for candidates from both parties between 2004 and 2020. In contrast, billionaire shipping magnate Richard “Dick” Uihlein and his wife, Elizabeth “Liz” Uihlein, expended $50 million in a single race in 2022 alone, in a bid to unseat Illinois Gov. J. B. Pritzker from office.

Unlike Biden, Trump could use his wealth to finance a substantial portion of his campaign. However, the former president has historically been reluctant to utilize his personal money for this purpose. Moreover, Trump owes New York over $454 million as a result of a civil fraud judgment, a verdict he is appealing.

Nonetheless, he must still provide a considerable sum during the appeals process. Meanwhile, Musk hasn’t shied away from showing his support for Republican candidates. The business magnate urged his followers to vote for Republicans ahead of the 2022 midterms.

Likewise, Musk favored Florida Gov. Ron DeSantis in the 2024 GOP primaries. To those unaware, DeSantis launched his presidential campaign on Twitter Spaces last year but marred by delays and technical glitches. After dropping out, DeSantis has been endorsing Trump.

Notably, Musk told The Times late last year that deciding between Biden and Trump would be “definitely a difficult choice”. Despite confirming he will not vote for Biden, the Tesla boss refused to say he would back the former president.