Tech and finance kingmakers: How billionaires from Musk to Soros are fueling this midterms season
In 2010, the Supreme Court issued Citizens United v. Federal Election Commission , a landmark ruling that overturned certain campaign finance restrictions. Since then, spending by billionaires on American elections is up 160%, and more than $2.6 billion poured into the 2024 presidential election alone. This midterm cycle is on track to set a record for election participation by billionaires,…
In 2010, the Supreme Court's landmark Citizens United v. Federal Election Commission ruling overturned campaign finance restrictions, leading to a 160% increase in billionaire spending on American elections. As of the 2024 presidential election, over $2.6 billion has poured in, with billionaires set to fuel a record-high in this midterms season, according to Americans for Tax Fairness.
Wealthy individuals from various political backgrounds, such as Elon Musk and George Soros, have already contributed almost $1.6 billion to the 2026 midterms, with nearly 65% of that money going to Republicans, as reported by the Washington Post.
Billionaire contributions can significantly impact American politics, with research showing that candidates who outspend their opponents win roughly 90% of the time. Tech billionaires have largely targeted Republican midterm efforts, hoping to secure seats favorable to artificial intelligence (AI) and venture capital. Elon Musk, for example, has already donated $90.6 million and is expected to spend $100 million to $200 million, primarily supporting voter-turnout operations in Texas.
Jeff Yass, a quant trader and tech mogul, has contributed $90 million to Donald Trump's MAGA Inc. Super PAC, while Miriam Adelson, the Israeli-American billionaire conservative donor, has given $40 million to Republican super PACs.
On the other side, left-leaning donors have contributed approximately $360 million this cycle, with George Soros leading the charge at $102 million to his family's Democracy PAC. Reid Hoffman, the LinkedIn cofounder, has donated $10 million to James Talarico, Donald Trump's Senate opponent. Democratic supporters like Stephen and Susan Mandel have also contributed over $24 million, backing moderate candidates in various races.
The crypto, tech, and online gaming industries have become significant spenders in American elections, contributing nearly $300 million in corporate midterm spending during the first quarter, with industries like crypto, AI, and online betting infrastructure funneling money through PACs and outside groups.
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