Washington DC: Billionaire and SpaceX CEO Elon Musk has emerged as the largest individual political donor in United States’ history, spending more than USD 442 million on Republican campaigns and political groups ahead of the November 3 US midterm elections.
The latest campaign finance filings show that Musk, the chief executive of Tesla and SpaceX, contributed an additional USD 76.8 million to his America PAC over the past month, taking his total spending on the upcoming elections beyond USD 442 million, The Hill reported.
America PAC, which Musk established during the 2024 election cycle, received the latest funds over approximately a week in October. The additional contribution came on top of the USD 366 million he had already spent supporting Republican candidates and affiliated political groups.
According to The Washington Post, Musk has directed much of his political spending towards helping Republicans retain control of Congress.
A significant portion of his recent contributions has focused on the closely contested Texas Senate race, where Republican candidate and state Attorney General Ken Paxton is facing Democratic challenger James Talarico.
According to campaign finance filings cited by CBS News, Musk donated USD 158 million to the Senate Leadership Fund, the principal super PAC supporting Republican Senate candidates, through two contributions in September. The group subsequently transferred corresponding amounts to a Texas-based political action committee supporting Paxton.
Musk contributed USD 75 million on September 9 and another USD 83 million approximately two weeks later. The donations accounted for more than half of the Senate Leadership Fund's total receipts during the third quarter, CBS News reported.
Musk also donated USD 10 million to the pro-Paxton Lone Star Liberty PAC through his trust. In addition, he contributed USD 20 million to the Congressional Leadership Fund, a major super PAC supporting House Republicans, USD 10 million to the Republican Governors Association and USD 2 million to the Republican Attorneys General Association.
His America PAC has also supported Republican candidates in competitive congressional races.
The latest spending marks a significant return to large-scale political contributions by Musk, who spent more than a quarter of a billion dollars supporting US President Donald Trump and other Republican candidates during the 2024 election cycle.
The renewed financial backing comes after concerns among Republicans that Musk might reduce his political involvement following his public feud with Trump last year.
Meanwhile, the November 3 midterm elections are shaping up as a crucial contest for control of both chambers of Congress. The outcome will have significant implications for Trump's legislative agenda and the balance of political power in Washington.
The political contest comes amid broader challenges for the administration, including economic concerns and declining approval ratings. The Wall Street Journal reported in September that Trump's approval rating had fallen to 37 per cent in its polling, a low for a president heading into midterm elections in the publication's polling history dating back to 1990.