In a post on X, Mr. Musk said the donations would consist of "all revenue from advertising & subscriptions associated with the war in Gaza."
Asked how he will ensure the funds to Gaza won't end up in the hands of Hamas terrorists, the billionaire stressed that X Corp. will track how the funds are spent and go through the Red Cross and Red Crescent in Gaza.
"Better ideas are welcome. We should care about the innocent regardless of race, creed, religion, or anything else," he said.
Responding to further comments that raised concerns about the funds potentially falling into the wrong hands, Mr. Musk also weighed up potential direct purchases of pediatric medical supplies for the wounded civilians in Gaza.
Mr. Musk's announcement comes after he denied allegations of anti-Semitism in response to a controversial social media post last week.
The Tesla CEO faced widespread backlash after he replied, "You have said the actual truth," to a post on X that accused Jewish communities of pushing "dialectical hatred against whites that they claim to want people to stop using against them."
Mr. Musk added in his response to the post that "this does not extend to all Jewish communities" but said the blame should be on groups such as the Anti-Defamation League (ADL), which describes itself as a Jewish advocacy group.
Musk Sparks Backlash
"The ADL unjustly attacks the majority of the West, despite the majority of the West supporting the Jewish people and Israel," he wrote on Nov. 15. "This is because they cannot, by their own tenets, criticize the minority groups who are their primary threat. It is not right and needs to stop."