Elon Musk becomes biggest donor of US midterms cycle with $366M spent

Elon Musk has become the largest political donor of the 2026 US midterm cycle, funneling roughly $366m into campaigns and political groups, with more than $276m of that spent since July. The money is concentrated on key Senate races that will decide chamber control and is routed through multiple PACs, including a $158m donation to the Senate Leadership Fund, $76m to America Pac, $20m to the Congressional Leadership Fund, $10m to the Republican Governors Association, and $10m to a PAC backing Texas candidate Ken Paxton; an earlier $10m went to a Kentucky Senate candidate who later withdrew. The pace of spending is one of the most rapid in modern US politics but still represents less than 0.04% of Musk’s nearly $1tn net worth.

The spending signals a clear shift back into active, large-scale political influence after a period in which Musk said he would step back following setbacks such as a failed “department of government efficiency” project and public backlash. Funds are being used for advertising and messaging that target Democrats with anti-socialist and anti-trans narratives. Musk has also amplified those attacks through his social platform, reinforcing his position as a top Republican mega-donor and strengthening ties to conservative and anti-immigrant leaders while reshaping the terrain of the midterm contest.