Tesla and SpaceX chief Elon Musk was the biggest individual political spender, with OpenSecrets estimating his outside spending at $445.5 million during the 2025-26 election cycle.
\n\nAmerican billionaires poured billions of dollars into the 2026 US midterm elections, but the results showed that even enormous campaign contributions could not guarantee political victories. Several of the wealthiest donors who backed Republican candidates suffered major setbacks after Democrats secured control of both chambers of Congress.
\n\nAccording to The New York Times, 20 individuals contributed more than $2 billion to federal races during the election cycle, while Al Jazeera reported that the 50 largest donors collectively gave nearly $2.8 billion. Political transparency group OpenSecrets found that just one per cent of donors accounted for 98 per cent of contributions to outside groups.
\n\nMuch of the spending favoured Republican campaigns, making the Democratic victories particularly significant for some of the country's biggest political donors.
\n\nElon Musk tops billionaire spending
\n\nMusk directed money through several organisations, including America PAC, which he established to support Donald Trump's 2024 presidential campaign. His spending focused heavily on Republican candidates in key Senate and House contests.
\n\nA significant portion went towards supporting Texas Republican Ken Paxton, who lost the…
Original source: https://www.timesnownews.com/world
