Tech billionaire Elon Musk said he plans to commit roughly $45 million each month to a new fund backing Donald Trump for US president, the Wall Street Journal reported Monday.

Musk's donations will go to a political group dubbed America PAC, which will focus on promoting voter registration, early voting and mail-in ballots among residents in swing states ahead of the November general election, the Journal reported, citing people familiar with the matter.

Musk is one of several major backers of the new fund, with others reportedly including Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft and cryptocurrency investors Tyler and Cameron Winklevoss.

The Tesla founder formally endorsed Trump's candidacy for US president on Saturday after the former president survived a shooting at a political rally in Butler, Pennsylvania.

"I fully endorse President Trump and hope for his rapid recovery," Musk wrote on the social media platform X, which he acquired in 2022.

Musk, the wealthiest man in the world with an estimated net worth of $250 billion, has grown increasingly friendly with Trump over the course of the 2024 US election.

In March, the two met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz.

Though individual campaign donations in the United States are capped at $3,300 per person, loopholes in the campaign finance system allow political mega donors to contribute to funds known as political action committees or "PACs," which support candidates.

Trump previously decried mail and absentee voting, but has backtracked on his criticisms after it became clear Democrats had an edge among mail voters.