Elon Musk Becomes Largest Donor in 2026 US Midterms, Spending $366 Million

Elon Musk has emerged as the top financial backer of the 2026 United States midterm elections, directing roughly $366 million to political groups and campaigns. The bulk of the money is aimed at conservative candidates and right‑wing causes, according to a New York Times report that will be detailed in a federal filing on Thursday.

Musk’s contributions this cycle exceed $276 million since July, marking one of the fastest accumulations of political spending in recent American history. The amount also surpasses his outlays in the 2024 presidential race, where he spent nearly $300 million supporting Donald Trump’s re‑election bid.

The billionaire’s funding is focused on pivotal Senate contests that will decide which party holds control of the chamber. By targeting these key races, Musk hopes to influence the legislative agenda in line with his political preferences.

Why It Matters

The influx of Musk’s money could shape the balance of power in the US Senate, affecting legislation that impacts both American and European interests.