Twitter CEO and billionaire Elon Musk retweeted Sen. Tim Scott's (R-SC) "Let's Go!" campaign launch video Monday, fueling speculation that Musk is backing Scott for the 2024 presidential race.

Scott announced his candidacy at an event with 2,000 people in his hometown of North Charleston, South Carolina.

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"Joe Biden and the radical Left are attacking every rung of the ladder that helped me climb," he said.

"That is why I am announcing today that I am running for president of the United States of America!"

Video of the event posted to Twitter has been viewed over 650,000 times, with Musk counting as one of its most recognized retweets.

Speculation of a potential Musk endorsement for Scott has gained traction since the billionaire praised Scott on Friday for a video in which Scott said the nation's youth are "growing up immersed in a culture where everyone's a victim."

In the video, which has garnered more than 20.4 million views, Scott tells a crowd that America's young people need to learn "individual responsibility."