US Senator Bernie Sanders on Tuesday said Musk's political spending had paid off, claiming the billionaire had become $696 billion richer since Trump's election.
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"Elon Musk spent $290 million to elect Trump. It paid off," Sanders said. "Since his election, Musk got $696 billion richer and became the world's 1st trillionaire."
But Sanders said Musk was spending even more to help Republicans retain control of Congress.
"Now, Musk is spending $366 million to keep Republicans in control of Congress. STOP MUSK. STOP OLIGARCHY," he added.
Elon Musk spent $290 million to elect Trump. It paid off. Since his election, Musk got $696 billion richer & became the world’s 1st trillionaire. But that’s not enough. Now, Musk is spending $366 million to keep Republicans in control of Congress. STOP MUSK. STOP OLIGARCHY.
— Bernie Sanders (@BernieSanders) October 12, 2026
Reuters reported on Monday that Musk had spent roughly $366 million during the 2026 US midterm election cycle, including $276 million since July, to help Republicans retain control of Congress.
The spending comes as Democrats' chances of regaining control of the House of Representatives and the Senate have improved.
Campaign finance records indicate that Musk is likely to be the single-biggest political donor in this year's election races.
The midterm elections will be held on November 3. Republicans currently control both chambers of Congress.
Has Trump's presidency benefited Musk?
Several moves by the Trump administration have reportedly favoured Musk's businesses during Trump's second term.
In March 2025, Trump publicly promoted Tesla vehicles on the White House South Lawn. He inspected several models and purchased a Tesla to demonstrate his support for Musk.
In May 2025, The Washington Post reported, citing internal diplomatic cables, that US officials had encouraged countries facing American tariffs to approve Musk's Starlink satellite internet service.
The report identified India, Pakistan, Vietnam, Cambodia and Lesotho among the countries targeted by diplomatic efforts to expand Starlink's presence.
As of October 2026, Starlink was available in more than 160 countries, territories and other markets worldwide, according to the company.
Republicans currently control both chambers of Congress, but Democrats are seeking to regain a majority in the November midterms.
In the 435-member House of Representatives, Republicans hold 218 seats and Democrats hold 214. One independent caucuses with Republicans, giving them an effective 219-214 advantage. Two seats are vacant.
Democrats would need a net gain of five seats to secure a majority of 218, assuming the independent continues to align with Republicans.