Billionaires Pour Billions Into US Midterm Elections as Trump Faces Crucial Test

The 2026 US midterm elections have become a major political test for President Donald Trump, with control of Congress at stake and the ruling Republicans facing a challenging contest. Campaign spending has also reached unprecedented levels. According to OpenSecrets, total expenditure on the elections is projected to touch nearly $12 billion, around 30% higher than the 2022 midterm elections. More than $9.5 billion had already been spent by mid-October, according to campaign finance disclosures. Billionaires and political action committees have played a significant role in funding the campaigns, with major donors backing candidates and groups aligned with both parties.

Elon Musk has emerged as the biggest individual political donor of the election cycle, contributing approximately $445 million to federal political committees, largely in support of Republicans. Billionaire Jeff Yass and other wealthy donors have also backed Republican-aligned groups. On the Democratic side, organisations linked to financier George Soros have contributed around $102 million, while former New York City Mayor Michael Bloomberg has donated more than $60 million. Cryptocurrency companies have also channelled tens of millions of dollars into political groups. Meanwhile, advertising expenditure has surged, with AdImpact estimating that political advertising for the 2025–26 election cycle has exceeded $11 billion.