Following an hour-long meeting at Donald Trump’s Mar-a-Lago resort in Florida’s Palm Beach, Farage described to The Telegraph the encounter with Musk as “great” and “historic,” adding that there would be “ongoing negotiations” regarding the financial support.

Farage, alongside party treasurer Nick Candy, also discussed strategies with Musk and learned about Trump’s political approach. Farage emphasized the urgency of “saving the West”, saying: “We can do great things together.”

Amid reports claiming Musk might donate up to $100 million (£79 million) to Reform UK, Farage acknowledged that the issue of money had been discussed during the meeting, with Musk expressing strong support for the party and criticising the Labour and Conservative parties as a “uniparty.”

Farage shared a photograph of the two on Tuesday on microblogging platform X with the caption: “Britain needs Reform.”

Musk replied: “Absolutely.”

‘Biggest party donation in British history’

Farage also met with vice president-elect JD Vance during the trip, calling the meeting “great.”

The UK Prime Minister’s spokesman commented that while foreign donations to UK parties are governed by existing rules, the government is committed to strengthening those regulations.

As a US citizen, Musk cannot legally donate to a UK political party, but can give Reform money via the British branch of X, as per The Telegraph report.

A contribution of £78 million would be the biggest single party donation in British history, topping a £10 million gift by Lord Sainsbury to the Conservative Party in 2023, the report mentioned. Moreover, the deal would be a major blow to both Labour and the Conservatives, who are challenging Reform in dozens of local council elections in May.

Farage has previously suggested his connections in the US, including with President Trump and other Republican figures, could help improve UK-US relations after the Biden administration. Musk, who has supported Trump’s re-election campaign with over $250 million, is set to play a key role in the incoming Trump administration.