Elon Musk throws staggering $445M behind Republicans in final midterm push: Report
WASHINGTON, DC: Elon Musk is reviving his 2024 election playbook for the 2026 midterms, unleashing hundreds of millions of dollars to bankroll Republican campaigns as the party heads into November’s crucial vote.
The 55-year-old world's richest person, whose net worth sits at a whopping $909.8 billion, has pumped more than $445 million into the current election cycle, with millions going toward key Senate races and efforts to help Republicans win, according to a report by Bloomberg.
The SpaceX CEO’s spending makes him one of the biggest-ever contributors to super PACs, surpassing even the Democratic Party’s top donor, billionaire George Soros, according to the outlet.
Musk’s cash splurge came as Republicans fall behind in the polls, and the Trump administration scrambles to win back voters’ trust amid public anger over high gas prices and the cost of living.
Elon Musk’s money flows into key Senate battles
A slew of new Federal Election Commission (FEC) filings obtained by Bloomberg show that Musk contributed $77 million to America PAC, his political action committee, in the first two weeks of October.
The committee spent $43 million during the same period and ended with $46.5 million in cash, as it stepped up efforts to help Republicans win crucial congressional contests.
The PAC has poured $71 million into supporting Republicans in the midterms, targeting high-stakes Senate races in Texas, Ohio, Michigan, Iowa, and Maine, as well as more than 30 competitive House districts where Republicans are fighting to hold their majorities.
The largest share of spending went to Texas, where Republican Ken Paxton, the state attorney general, is facing a tough challenge from Democrat James Talarico.
America PAC has spent $33.1 million on the contest, while a separate Republican-aligned group, Texas PAC, has poured $181 million into the race since September 11.
In September, Musk contributed $158 million to the Senate Leadership Fund, the main super PAC supporting Republican Senate candidates. The group subsequently transferred the money to Texas PAC, which is concentrating its resources on the Texas contest.
The spending has helped keep Paxton competitive against Talarico, who has mounted a substantial fundraising effort of his own.
Republicans continue to enjoy a financial lead
According to Bloomberg, the Thursday, October 22, filing, which gives a final look at fundraising before Election Day, shows that Musk’s donations helped widen the big money gap that Republicans have had over Democrats.
The Republican Party, its congressional super PACs, and President Donald Trump’s MAGA Inc have raised $2.1 billion through October 14, far outpacing Democrats’ collection of $1.4 billion.
The GOP’s financial war chest offers a boost to the party as Trump’s approval ratings slide to new lows, with voters increasingly concerned about rising fuel prices and the broader cost of living.
A Washington Post-ABC News-Ipsos poll found that 66% of Americans disapprove of the 80-year-old’s performance as president, compared with 33% who approve.
The survey, conducted among 2,545 people between October 9 and 13, also found that 59% of respondents wanted Democrats to control Congress to serve as a check on Trump’s presidency.
