Billionaire Elon Musk has donated $276 million to organisations supporting right-wing candidates ahead of the November 3 US midterm elections, making him the largest individual donor of the election cycle so far, according to a report by The New York Times.
The report, published on Monday, said the contributions were made from July onwards, bringing Musk’s total political spending during the current election cycle to $366 million.
The largest beneficiary was the Republican Senate Leadership Fund, which received $158 million to help the party retain control of the US Senate, where Republicans hold only a narrow majority.
Musk, the owner of SpaceX and Tesla and the world’s richest man, has a history of significant spending on American elections. In 2024, he contributed $290 million to efforts supporting President Donald Trump’s successful re-election campaign.
Following Trump’s return to the White House, Musk was allowed to work in the administration for several months, overseeing the Department of Government Efficiency (DOGE), an initiative focused on cutting government spending. However, he later left the role after a public disagreement with the president.
The two have since reconciled. Last week, Trump presented Musk with the National Medal of Science during an event in Washington, DC.
Although US law limits individual contributions directly to political candidates to $3,300 per person, the campaign finance system allows wealthy donors to give much larger sums to political action committees, commonly known as PACs, which raise and spend money to support candidates.
According to The New York Times, Musk donated $76 million to his own America PAC over the summer.
Other beneficiaries of his political spending included the Republican Congressional Leadership Fund, which received $20 million, while the Republican Governors Association and the Lone Star Liberty PAC each received $10 million. The Republican Attorneys General Association received a further $2 million.
Musk’s latest contributions highlight the growing role of wealthy donors and political action committees in financing US election campaigns as Republicans seek to maintain their influence in Congress during the upcoming midterms.
Source: AFP
