President Donald Trump presents the National Medal of Science to Elon Musk at the U.S. Institute of Peace, in Washington, Oct. 8.Julia Demaree Nikhinson/The Associated Press
Elon Musk, the world’s only trillionaire, has quietly become the biggest known donor in this year’s midterm elections, doling out more than US$276-million since July to try to save Republican majorities in Congress.
The numbers, first reported by the New York Times ahead of this week’s federal filing deadline, were confirmed by Andrew Romeo, a spokesperson for Musk’s super PAC.
The money includes US$158-million given to the Senate Leadership Fund, the main super PAC supporting Republican Senate candidates, one of the largest known political donations in American history.
Another US$76-million went to America PAC, a Musk super PAC, which has once again built out a major turnout operation like the one it used to help elect President Donald Trump in 2024.
Musk also provided US$10-million to Lone Star Liberty PAC, a group that supports the Republican nominee for Senate in Texas, Ken Paxton.
It’s a dramatic turnaround since last May, when Musk said he intended to cut back on future political spending. “I think I’ve done enough,” he said at the time.
Despite the cash infusion, Musk has generally kept a lower profile than in 2024, when he appeared on stage next to Trump at rallies, and in the early days of the president’s second term, when he led the Department of Government Efficiency.
He had a falling out with Trump while leaving his government post, but the two have since reconciled. Trump presented Musk with the National Medal of Science last week.
Musk’s net worth has fluctuated around the trillion-dollar line this year based on changes in stock prices, but he topped US$1-trillion again last week according to Forbes magazine.
Republican have a gaping financial advantage over their Democratic counterparts – a disparity that has been a rare bright spot for a party that is bracing for major potential losses amid deep voter frustration over the president’s performance, stubbornly high prices and the unpopular war with Iran.