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With both parties eager to demonstrate a willingness to be tough on China, bipartisan legislation to force the Chinese owners of the platform to divest or face a ban was moving forward.

It’s not clear whether Mr. Musk will spend any of his billions on the former president’s behalf. If he does, he could erase Mr. Trump’s financial disadvantage in the 2024 race.

A long-running network of accounts, known as Spamouflage, is using A.I.-generated images to amplify negative narratives involving the presidential race.