Elon Musk's announcement comes amid fierce fighting between the Israel Defence Force and Hamas.
Elon Musk announced that his social media site X will donate its advertising revenue to war-torn Gaza and the hospitals in Israel.
"X Corp will be donating all revenue from advertising & subscriptions associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza," Mr Musk wrote on X, formerly Twitter.
The announcement comes amid fierce fighting between the Israel Defence Force and Hamas, which rules Gaza. So far, more than 13,000 people have been killed in Israeli bombardments in the tiny densely populated Gaza Strip.
Hospitals, including Gaza's biggest Al Shifa, have been rendered virtually inoperable by the conflict and shortages of critical supplies. Israel claims that Hamas conceals military command posts and fighters within them, a claim that Hamas and hospital staff deny.
Last month, Elon Musk had announced that Starlink would provide connectivity to recognised aid organisations in Gaza, which were struggling after communications and the internet was cut off in the region.
Starlink is a satellite network developed by Mr Musk's space flight company SpaceX to provide low-cost internet to remote locations. A Starlink satellite has a lifespan of approximately five years and SpaceX eventually hopes to have as many as 42,000 satellites in this so-called megaconstellation.