American billionaires have already poured more than $433 million into the 2026 midterms, and nearly 80 cents of every dollar is backing Republicans.
That’s according to an analysis released by the Americans for Tax Fairness (ATF), a progressive advocacy group, which examined Federal Election Commission data through March 1. The group found the 50 biggest-spending billionaire families had funneled $344.3 million, or about 79%, to Republican candidates and conservative organizations.
The pro-Trump super PAC MAGA Inc. was the single largest beneficiary, pulling in $89 million, followed by America PAC ($45.3 million), Senate Leadership Fund ($36.3 million), and Congressional Leadership Fund ($30 million), all of which support Republican candidates.
The biggest individual donor, unsurprisingly, is Elon Musk. The world’s richest person (and first trillionaire) had committed almost $71 million to Republican midterm efforts as of ATF’s count, followed by Wall Street financier Jeff Yass at more than $55 million. Yass cofounded Susquehanna International Group and is a major investor in TikTok’s parent company, ByteDance.
Musk’s total has climbed since ATF’s analysis. As of the end of June, his midterm donations have totaled at least $90 million, including multimillion-dollar gifts to the campaigns of Republican billionaire Vivek Ramaswamy’s campaign for Ohio governor and Texas Gov. Greg Abbott’s reelection. These gifts are particularly ironic considering Musk said in 2025 he would pull back from political giving after a bruising stint as head of the Department of Government Efficiency. Clearly, the pause didn’t last.
