Bernie Sanders Reveals 15 Billionaires Spent $433M to Buy Elections, Musk Family Leading Top Donations

Senator Bernie Sanders has called out America's billionaire class for spending $433 million (£324 million) to influence US midterm elections, with the Musk family leading all donors and 80% of the cash flowing to candidates who, Sanders said, backed both a $1 trillion (£748 billion) tax cut for the richest 1% and $1 trillion in cuts to healthcare for low-income Americans.

Musk Family Tops Billionaire Donor List

The independent senator from Vermont shared the findings on X, describing the spending as 'what oligarchy looks like' and calling for an end to Citizens United, the 2010 Supreme Court ruling that opened the door to unlimited election spending through super political action committees (PACs).

The data comes from a 25 March report by Americans for Tax Fairness (ATF), which analysed Federal Election Commission filings as of 1 March. Of the $433 (£324 million) million total, roughly $345 (£257 million) million went to Republican candidates and conservative groups.

Elon Musk, the world's richest person, topped the list at nearly $71 million (£53 million). Wall Street financier Jeff Yass followed at more than $55 million (£41 million). The top seven contributors alone accounted for nearly half the total at $211 million (£158 million), almost all directed toward conservative causes.

Among the 15 highest-spending billionaire families, 12 gave almost entirely to Republicans, and just three gave to Democrats.

$1 Trillion in Healthcare Cuts Already Law

The link Sanders drew between donations and policy isn't hypothetical. In July 2025, President Donald Trump signed the One Big Beautiful Bill Act, a party-line budget package that slashed over $1 trillion (£748 billion) from federal health programmes over the next decade.

The Congressional Budget Office estimated the law would leave 10 million more Americans without insurance by 2034, including 7.5 million who would lose Medicaid through new work-reporting requirements and tighter eligibility rules.

Expanded premium tax credits under the Affordable Care Act (ACA), which had helped more than 22 million Americans afford coverage, expired at the end of 2025 and were not renewed in the legislation.

Healthcare providers have already begun feeling the effects. In Iowa, one company closed clinics and cut 67 jobs at a Des Moines hospital, pointing to projected annual revenue losses of $1.5 billion (£1.1 billion) tied to the federal reductions.

Voters Want Change on Campaign Finance

Citizens United v. Federal Election Commission enabled corporations and wealthy individuals to channel unlimited money into super PACs. Rules meant to keep PAC spending independent from campaigns are widely considered ineffective.

A 2025 YouGov survey commissioned by Issue One found that 79% of Americans agreed that large independent expenditures by wealthy donors create corruption or its appearance. That included 84% of Democrats, 74% of Republicans, and 79% of independents.

Sanders has made overturning the ruling a centrepiece of his 'Fighting Oligarchy' tour, which has drawn large crowds in conservative and liberal districts alike. 'We must end Citizens United,' he wrote, framing the issue not as partisan but as a question of whether voters or billionaire donors shape policy.

Where the Money Goes

The biggest beneficiaries of billionaire cash include MAGA Inc., a super PAC backing Trump-endorsed candidates, and America PAC, which supports Musk-aligned candidates. The Senate Leadership Fund and Congressional Leadership Fund, which back Republican congressional candidates, also drew large sums.

David Kass, ATF's executive director, said the findings should alarm voters of all stripes. 'Whether it's an out-of-control chief executive in the White House or a billionaire wielding his huge fortune to influence elections, anti-democratic behaviour is anathema to the American public,' he said.

With billionaire contributions on track to break the $1 billion (£748 billion) midterm spending record set in 2022, Sanders is asking a question that cuts across party lines. When 50 families can spend $433 million (£324 billion) to shape who governs, whose interests does the government actually serve?