Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk admitted that funding for his new political action committee called "The America PAC" has been much lower than what recent reports suggested.

What Happened: DogeDesigner, a pseudonymous X user who works as a graphic designer in Dogecoin (CRYPTO: DOGE) ecosystem, posted a clip of Musk's interview with Jordan Peterson.

Musk denied claims of making any direct donations to former President Donald Trump's campaign but admitted establishing a "Super PAC" that can be used by both the Republican and Democratic candidates.

Talking about the video, DogeDesigner stated that the Super PAC was meant to support candidates who espouse "meritocracy and personal freedom," in what looked like a reference to Trump. However, they added that funding for the PAC has been far below $45 million per month as reported by some media outlets.

Musk responded in the affirmative to this assertion by DogeDesigner.

Yeah

— Elon Musk (@elonmusk) July 24, 2024

Why It Matters: The U.S. political landscape underwent tectonic shifts over the last two weeks with a failed assassination attempt on Trump and President Joe Biden's withdrawal from the race.

It should be noted that Musk voted for Biden during the 2020 elections but regretted his decision on several public platforms later. Over the years, he has gravitated towards the Republican Party and unequivocally endorsed Trump's candidacy after the assassination attempt.

In other news, Tesla's Bitcoin (CRYPTO: BTC) holdings remained unchanged in the second quarter, according to its latest earnings report released Tuesday. The EV giant reported its net digital assets at $184 million, unchanged since the fourth quarter of 2022.

Price Action: Shares of Tesla plunged 7.77% to $227 in after-hours trading. The stock closed 2.04% lower at $246.38 during the regular trading hours.