Washington, D.C. — A conservative nonprofit with documented ties to Elon Musk and his political network reported a dramatic spike in funding during the 2024 election cycle, fueled largely by a single anonymous contribution, according to newly filed tax records.
Building America’s Future, a social welfare organization, disclosed raising nearly $100 million in 2024, with approximately $74.5 million coming from one unidentified individual, according to its IRS Form 990. The group spent more than $98 million during the year, channeling tens of millions into pro-Trump super PACs, funding political advertising, and supporting digital campaigns tied to Republican causes.
While the filing does not name the donor, reporting by The Wall Street Journal previously established that Musk routed tens of millions through the group in 2022 to support conservative ad efforts while avoiding public disclosure. If Musk was also behind the 2024 donation, his total political spending that year would exceed $360 million, based on known contributions to Republican-aligned groups.
The nonprofit’s growth coincided with leadership and staffing changes involving figures closely connected to Musk and Trump allies, including consultants and firms that also worked for Musk-backed super PACs. Financial records show millions paid for data and digital services to firms tied to the same political network.
The funding surge highlights the expanding role of nonprofit “dark money” groups in U.S. elections, where donor identities can remain hidden even as spending reaches levels comparable to major party committees.
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