White House economic advisor was holding millions in Coinbase stock as Trump rewrote crypto rules

Two formidable Republican financiers, former President Donald Trump and tech mogul Elon Musk, have recently kicked in millions of dollars to bolster Republican candidates in key congressional races ahead of the 2026 midterm elections. As Democrats have shown increased voter enthusiasm, Republicans face the risk of losing control of at least one chamber of Congress.

A Trump-linked political action committee, No Going Back, has staked out over $24.9 million in TV ad time across six crucial battleground states, including Alaska, Georgia, Michigan, North Carolina, New Hampshire, and Ohio, according to AdImpact. Musk's America PAC and Trump's primary fundraising organization, MAGA Inc., have also contributed $2.4 million and $10 million respectively, with a significant portion of that funding directed towards attacking Democratic state legislator James Talarico, who leads in a Texas Senate race against Attorney General Ken Paxton.

Musk's America PAC anticipates making a substantial impact in Republican voter turnout campaigns across pivotal states, having spent more than $7 million on digital ads, text messages, voter calls, and mailers. Despite Trump's approval rating being at its lowest point in his political career, the President has pledged to allocate $400 million to $500 million to aid Republican candidates in the midterm elections.

The newly formed No Going Back super PAC, registered with the Federal Election Commission on September 1, aims to distance Trump and his MAGA movement from campaign donations amid a growing dissatisfaction with the President. This strategic move should provide Republicans with the financial resources needed to defend vulnerable races without depleting funds from other parts of the map.