Elon Musk’s $445 million bet on Republicans as US midterms test Trump's grip

Elon Musk has poured more than $445 million into the US election cycle, emerging as one of the biggest political donors in American history as he backs President Donald Trump’s Republicans in the November midterm elections, according to a report by Bloomberg.

The world’s richest person contributed $77 million to America PAC, his political action committee, in the first two weeks of October, according to Federal Election Commission filings. The committee spent $43 million during the same period and ended with $46.5 million in cash, as it stepped up efforts to help Republicans win crucial congressional contests.

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Musk’s spending puts him well ahead of other major political donors, including billionaire hedge fund manager George Soros, a prominent Democratic backer, and Republican supporters Jeffrey Yass and Richard Uihlein. His financial firepower adds to the Republican Party’s existing fundraising advantage over Democrats ahead of elections that will determine control of both chambers of Congress.

Trump, the Republican Party and its congressional super PACs raised $2.1 billion through the end of the third quarter, compared with $1.3 billion raised by their Democratic counterparts. The financial edge offers Republicans a boost as they face a challenging electoral environment.

Musk’s money flows into key Senate battles

Musk’s America PAC has spent $71 million supporting Republicans in the midterms, targeting high-stakes Senate contests in Texas, Ohio, Michigan, Iowa and Maine, alongside more than 30 competitive House districts where Republicans are fighting to retain their majorities.

The biggest outlay has been in Texas, where Democrat James Talarico is challenging Republican Ken Paxton, the state attorney general, in the Senate race. America PAC has spent $33.1 million on the contest, while a separate Republican-aligned group, Texas PAC, has spent $181 million since September 11.

In September, Musk contributed $158 million to the Senate Leadership Fund, the main super PAC backing Republican Senate candidates. The group transferred the money to Texas PAC, which is concentrating on the Texas contest. The spending has helped Paxton remain competitive against Talarico, who has mounted a strong fundraising effort of his own.

Musk has also become a target of Talarico’s campaign. In a one-minute online advertisement, the Democrat accused the billionaire of financing attacks against him and attempting to buy a US Senate seat. Musk, meanwhile, has used his social media platform to attack Talarico, calling him “a creep”.

Elsewhere, America PAC has spent $9.4 million in Ohio, where Democrat Sherrod Brown is running against Republican Jon Husted, and $8.6 million in Michigan, where Democrat Abdul El-Sayed is challenging Republican Mike Rogers.

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Much of the committee’s spending has gone towards voter outreach through phone calls, text messages, digital media, mailers and door hangers. Since August, America PAC has spent $43.2 million on canvassing and $8.8 million on digital media and texting services.

In New York’s lower Hudson Valley, where Republican Representative Mike Lawler faces Democrat Cait Conley, households have received America PAC-funded door hangers attacking the political left. The material carries the message “The Socialist Left is Destroying America” and features images of Conley, New York City Mayor Zohran Mamdani, Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders.

Regulatory stakes extend beyond the ballot

Musk has substantial business and political interests riding on the midterm outcome. His corporate empire, which includes SpaceX, Tesla, the Boring Company and Neuralink, is exposed to federal regulation. A planned merger between SpaceX and Tesla would also face regulatory scrutiny.

His previous role leading the Department of Government Efficiency (DOGE), the Trump administration’s effort to cut federal spending and restructure government agencies, could come under renewed scrutiny on Capitol Hill if Democrats regain control of the House.

(With inputs from Bloomberg)