Elon Musk is opening his wallet to help Republicans in the midterm elections as they face tough economic headwinds in the campaign's final stretch. Musk has spent more than $276 million on political spending for Republican groups since July, according to a new report from The New York Times. The donations come just over a year after the world’s wealthiest man said he planned to cut back on political spending amid a rift with President Donald Trump.
Republicans hope the significant spending will give them a boost, as polls suggest Democrats are in an increasingly strong position to not only take control of the House of Representatives but compete for control of the Senate in the November 3 elections. The GOP is facing a difficult national environment. Historically, the party in the White House has lost seats in the midterms when the president’s approval rating is low, and Trump’s numbers have fallen since his return to the Oval Office amid growing frustration with the economy and cost of living among voters.
The latest wave of spending has gone to groups like the Senate Leadership Fund, rather than to specific candidates. But Federal Election Commission (FEC) filings reviewed by Newsweek showed that Musk has donated funds to several conservative House Republicans seeking reelection over the past few years. Newsweek reached out to Musk for comment via press emails for SpaceX and Tesla.
The wave of spending may be “pretty limited” in terms of its impact for Republicans, Todd Belt, professor of political management at George Washington University, told Newsweek on Monday. I mean, you're not going to be able to change people's minds about what the real issues are in this election. And that's the economy,” he said.
The economy is “usually” the main issue in any election, and many voters have already connected economic problems to Trump, he said. The Times reported $276 million in political spending from Musk. The majority of that spending, $158 million, was sent to the Senate Leadership Fund, which is supporting Republican candidates in key Senate races.
He has also donated $76 million over the summer to America PAC. Musk himself founded the America PAC, which has supported various Republican candidates in House and Senate races. It has reported more than $52 million in federal disbursements since January 2025, according to the FEC.
Extract — continue reading at the source.
