Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Justice Dept warns Musk's super PAC over million dollar giveaways, CNN reports

Published 10/23/2024, 04:04 PM
Updated 10/23/2024, 04:06 PM
© Reuters. Tesla CEO and X owner Elon Musk, who supports Republican presidential nominee former U.S. President Donald Trump, speaks about voting during an America PAC Town Hall in Folsom, Pennsylvania, U.S., October 17, 2024. REUTERS/Rachel Wisniewski/File Photo
TSLA
-

WASHINGTON (Reuters) - The U.S. Justice Department has sent a letter to Elon Musk's super PAC warning that the billionaire Tesla (NASDAQ:TSLA) CEO's $1 million giveaways may violate federal law, CNN reported on Wednesday, citing people briefed on the matter.

A letter from the department's public integrity section, which investigates potential election-related law violations, went to the PAC, according to CNN.

The Justice Department and Musk's America PAC did not immediately respond to a request for comment.

South African-born Musk, who has thrown his support behind Republican presidential candidate Donald Trump ahead of the Nov. 5 election, announced on Saturday while speaking before a crowd in Pennsylvania that he was giving away $1 million each day until Election Day to someone who signs his online petition supporting the U.S. Constitution.

© Reuters. Tesla CEO and X owner Elon Musk, who supports Republican presidential nominee former U.S. President Donald Trump, speaks about voting during an America PAC Town Hall in Folsom, Pennsylvania, U.S., October 17, 2024. REUTERS/Rachel Wisniewski/File Photo

He handed $1 million checks to two separate people over the weekend - one to a man in Harrisburg on Saturday and another to a women in Pittsburg on Sunday.

Musk, ranked by Forbes as the world's richest person, so far has supplied at least $75 million to America PAC, according to federal disclosures, making the group a crucial part of Trump's bid to regain the White House.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.