The battle over billionaire influence has also extended to California, where voters are due to decide on Proposition 40, a proposed one-time 5 per cent tax on the net worth of billionaires who were California residents on January 1, 2026.
\n\nBillionaires are spending unprecedented sums to influence the 2026 US midterm elections, with wealthy donors backing candidates and political groups across both parties as concerns grow over the role of money in American politics.
\n\nAccording to a Newsweek analysis of Federal Election Commission records, the 50 biggest donors and organisations have contributed a combined $2.77 billion during this election cycle. Republican-aligned contributors account for $1.67 billion, compared with $832 million from Democratic-aligned donors.
\n\nElon Musk, the world's richest person, tops the list, having contributed $446 million, most of it supporting Texas Attorney General Ken Paxton's Senate campaign. The amount exceeds half of the combined contributions from all Democratic-aligned donors among the top 50.
\n\nDemocratic donors have also committed substantial sums. George Soros has contributed approximately $102 million, while Michael Bloomberg added around $80 million in September and October. Reid Hoffman has directed money towards super PACs supporting candidates in Texas and Kentucky.
\n\nThe spending comes amid growing public concern about…
Original source: https://www.timesnownews.com/latest-news
