Mr. Trump and his team are working to find additional major donors to shore up his finances as he heads into an expected general election against President Biden. Mr. Trump has praised Mr. Musk to allies and hopes to have a one-on-one meeting with the billionaire soon, according to a person who has discussed the matter with Mr. Trump.

It’s not yet clear whether Mr. Musk plans to spend any of his fortune on Mr. Trump’s behalf. But his recent social media posts suggest he thinks it’s essential that Mr. Biden be defeated in November — and people who have spoken to Mr. Musk privately confirmed that is indeed his view.

With a net worth of around $200 billion, according to Forbes, Mr. Musk could decide to throw his weight behind Mr. Trump and potentially, almost single-handedly, erase what is expected to be Mr. Biden and his allies’ huge financial advantage over the former president.

Aides to Mr. Trump did not respond to a request for comment. Mr. Musk did not respond to requests for comment.

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Mr. Musk has long portrayed himself as independent-minded, and like many business leaders he has donated to candidates from both parties over the years. Unlike other U.S. billionaires, he has not spent heavily on a presidential election, and his donations have been fairly evenly split over the years between Democrats and Republicans. Mr. Musk’s businesses, Tesla and SpaceX, have benefited from federal government contracts and subsidies.

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