Elon Musk has given more than $400 million for the 2026 US elections, becoming the largest publicly disclosed individual donor of the current election cycle. His funds are directed mainly to Republican candidates and committees trying to preserve the party's majorities in the House of Representatives and Senate.
“Right now it's the Republicans, especially when it comes to Senate races“, Fredreka Schutten, who monitors campaign finance, told CNN.
According to an early October report by the Federal Election Commission, more than $16 billion has been raised in the election cycle. Most of the money doesn’t go directly to candidates or party structures, but through political action committees, including super PACs.
$158 million to Republican Senate Leadership Fund
In September, Musk gave a total of $158 million to the Senate Leadership Fund in two tranches. The money then went to Texas PAC, which is funding the campaign supporting Republican Ken Paxton against Democrat James Talarico in a contested Senate race in Texas.
The Republican Senate Leadership Fund has raised more than $540 million during the election cycle. By comparison, the Democratic Senate Majority PAC has reported $354 million in funds raised.
Musk has spent about $290 million on the 2024 election, when he has endorsed Donald Trump and other Republicans. His new donations have already surpassed that amount, and his final spending for the 2026 election is still unknown.
Trump's Money and the Democratic Response
MAGA Inc., an organization affiliated with President Donald Trump, has been raising funds for the past year before it began actively funding Republican candidates in September. Trump has said his political machine is on track to spend $400 million by Election Day.
MAGA Inc. raised $24 million in September. Three-quarters of the money came from casino developer Steve Wynn, Blackstone CEO Steven Schwarzman, and real estate billionaire Diane Hendricks. They donated $8 million, $5 million, and $5 million, respectively. GEO Reentry Services, a subsidiary of a private prison firm with federal contracts, has contributed $1 million.
Democrats are counting on support from other billionaires. Michael Bloomberg has announced an additional $80 million in funding, and George Soros' political network has directed more than $100 million to Democracy PAC and Democracy PAC II.
According to CNN, the later involvement of big donors is an advantage for Republicans, but Democratic funds can be more effective in buying television advertising. The reason is that Republican super PACs pay higher prices and make their decisions later, when advertising inventory is more limited.
Sources: cnn.com