Billionaire Elon Musk has spent approximately $366 million on the 2026 US midterm election cycle, including $276 million since July to help Republicans retain control of Congress, according to campaign finance records cited in reports by Reuters and The New York Times.
The spending could make Musk, the world’s richest person, the largest individual political donor in this year’s election races. His financial support comes as Democrats have improved their chances of regaining control of the US House of Representatives and the Senate.
The midterm elections are expected to play a crucial role in determining the balance of power in Washington. Control of Congress influences the passage of legislation, government spending and the ability of the administration to advance its policy agenda.
Musk’s substantial financial contributions highlight the growing role of wealthy individuals in American electoral politics. Political donations can help parties and candidates fund advertising, voter outreach, campaign operations and other election-related activities.
According to the reports, Musk has also contributed money through groups that do not publicly disclose their donors, making the full picture of political funding more difficult to track.
His spending reflects a significant investment in supporting Republican candidates as the election cycle progresses. However, large campaign contributions do not guarantee electoral success, and the outcome will depend on voter participation, candidate performance and developments across individual races.
The growing contest for congressional control has intensified political competition between Republicans and Democrats. With both parties seeking to strengthen their positions, campaign funding is expected to remain an important factor in the months leading up to the elections.
Musk’s reported spending underscores the influence that major donors can have on campaign finances, while also renewing debate over transparency and the role of private wealth in US politics.
The final distribution of seats will determine which party holds congressional power after the midterm elections.
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