Elon Musk Pumps $366M Into Midterms as World's Richest Man Goes All-in on Republican Congress

Elon Musk has spent about £274 million ($366 million) in the 2026 US midterm election cycle, making him likely the largest known political donor in this year's races.

More than £207 million ($276 million) of that went to Republican groups and his own super PAC between July and September alone, according to campaign finance records reported by The New York Times and Reuters.

The total already exceeds the roughly £217 million ($290 million) Musk spent in 2024 and reverses his pledge last year to spend 'a lot less' on politics.

Where the Money Went

The largest single cheque, £118 million ($158 million), went to the Senate Leadership Fund, the super PAC aligned with Senate Majority Leader John Thune, Reuters reported.

Musk also put £57 million ($76 million) into his own America PAC and £15 million ($20 million) into the Congressional Leadership Fund, which is aligned with House Speaker Mike Johnson.

Smaller sums went to Lone Star Liberty PAC, which supports Ken Paxton's Senate campaign in Texas, where recent polls show a close race with Democrat James Talarico, and the Republican Governors Association, each receiving £7.5 million ($10 million).

The Republican Attorneys General Association received £1.5 million ($2 million). An America PAC spokesman confirmed the breakdown.

The remaining £67 million ($90 million) or so of Musk's reported cycle spending went toward work tied to the previous election or other political causes, Reuters said, citing an America PAC spokesman.

Those activities included Brad Schimel, the conservative candidate who lost Wisconsin's Supreme Court election in April 2025, and a £750,000 ($1 million) programme that paid registered voters who signed a petition backing free speech and gun rights.

Musk also gave through groups that do not disclose their donors, the Times reported, so the full total may be higher. The cycle began on 1 January 2025. Many super PACs must disclose third-quarter spending on Thursday, which will make the new giving public.

Musk's contribution to the Senate Leadership Fund alone exceeded the £113 million ($151 million) that Senate Majority PAC, its main Democratic rival, raised in the third quarter.

Senate Majority PAC entered October with roughly £84 million to £94 million ($112 million to $126 million) in cash, the Daily Caller reported. America PAC is backing Republican candidates in seven battleground states and nearly three dozen House races.

From 'Done Enough' to All-In

The spending reverses the course Musk set out in 2025. Speaking at the Qatar Economic Forum in May that year, shortly before leaving his role in the Trump administration, he said he planned to spend 'a lot less' on future elections, Time reported. 'If I see a reason to do political spending in the future, I will do it. I do not currently see a reason,' he said.

Weeks later, Musk and Donald Trump fell out publicly over Trump's flagship tax and spending bill, which Musk called a 'disgusting abomination'. Musk then threatened to set up a third political party.

He vowed to help defeat lawmakers who voted for Trump's spending bill 'if it is the last thing I do on this Earth' and signalled support for Republican Representative Thomas Massie, who Time reported later lost his primary.

Time reported that the new donations signal an effort to improve his relationship with Trump and the party.

America PAC spokesman Andrew Romeo said the group's 'robust investments have allowed the G.O.P. apparatus to get its message out'.

Musk ranked first on Forbes' 2026 World's Billionaires list, which estimated his net worth at about £628 billion ($839 billion), The Standard reported.

In the 2024 cycle, when Trump defeated Kamala Harris, Musk spent roughly £217 million ($290 million).

Much of that earlier money also flowed through America PAC, which in the final weeks of the 2024 race offered £750,000 ($1 million) a day to registered voters in swing states who signed its petition.

Philadelphia's district attorney challenged the giveaway in court. Musk went on to lead the Department of Government Efficiency (DOGE) from January 2025 until he left the administration at the end of May that year.

Democrats Eye Subpoenas

The money comes as Democrats' chances of retaking the House and Senate improve, according to Reuters. Control of either chamber would give them subpoena power, although proposed investigations are not findings of wrongdoing.

House Democrats have called for investigations into government contracts held by Musk's companies, worth tens of billions of dollars, and into his work running DOGE. Republicans have blocked several Democratic attempts to subpoena him, Time reported.

New York Times reporter Maggie Haberman said Democrats had privately told her they planned to subpoena Musk over DOGE if they won the power to do so, Time reported.

Musk rejects claims that his companies depend on federal contracts. Disputing them, he wrote on X on 2 October that 'roughly 90% of SpaceX's revenue this year will be commercial' and that 'SpaceX is FAR MORE commercial relative to the average company in America'. Voters go to the polls on 3 November, with every House seat and about a third of the Senate on the ballot.