Billionaire Donors Spent Billions as Democrats Took Congress
November 4, 2026 — The 40 largest political donors gave more than $2.4 billion through mid-October, a sum exceeding their inflation-adjusted total for the entire 2022 midterm cycle by more than 50%. Despite the spending, Democrats won control of both chambers and several major Republican candidates were defeated.
Elon Musk was among the biggest spenders, directing about $446 million to political organizations by late October. His support included groups working to keep Congress under Republican control and substantial spending in Texas, where Democrat James Talarico defeated Republican Ken Paxton in the Senate race. Musk put more than $150 million toward the contest, according to one estimate.
Other Republican-aligned donors also saw prominent candidates lose. Richard and Elizabeth Uihlein gave about $150 million to political groups, including roughly $136.7 million to Restoration of America. Jeff and Janine Yass contributed around $110 million to Republican causes, including $30 million supporting Vivek Ramaswamy’s unsuccessful Ohio gubernatorial bid. Ramaswamy received about 44% of the vote, against Democrat Amy Acton’s 52%.
Miriam Adelson gave about $67.6 million to political organizations, including groups backing Republican congressional campaigns. Democratic donors also spent heavily: George Soros and associated groups contributed about $102 million to Democracy PAC, while Michael Bloomberg gave about $84 million, including $24 million to Everytown for Gun Safety and $16 million to House Majority PAC. Bloomberg-backed groups supported candidates who won House races, and his spending also included support for Talarico. Campaign finance figures are expected to grow as later filings become available.
Billionaires Spent Big to Help Republicans—and Still Lost Congress
November 4, 2026 — The midterms showed the limits of billionaire spending: the 40 largest donors gave more than $2.4 billion through mid-October, yet Democrats captured both chambers and several well-financed Republicans lost. Their donations exceeded the inflation-adjusted total from the top 40 donors across the full 2022 midterm cycle by more than 50%.
Elon Musk put about $446 million into political organizations, including groups seeking to preserve Republican control of Congress. He also spent more than $150 million in Texas, where Republican Ken Paxton lost the Senate race to Democrat James Talarico. The result is a striking rebuke to the idea that enormous checks can secure political outcomes.
Republican donor Jeff Yass and his wife contributed around $110 million to GOP-aligned efforts, including $30 million supporting Vivek Ramaswamy in Ohio. Ramaswamy lost to Amy Acton, who received about 52% of the vote to his 44%. Casino investor Miriam Adelson gave about $67.6 million to political groups, including organizations backing Republican congressional candidates, but Republicans lost control of both chambers.
Democratic donors also invested heavily. George Soros and associated organizations contributed about $102 million to Democracy PAC, while Michael Bloomberg gave about $84 million, including $24 million to Everytown for Gun Safety. Bloomberg-backed groups supported Democratic House candidates, and his spending also included support for Talarico. Later campaign-finance filings are expected to add to the totals, but the election results have already exposed the gap between political wealth and voter choice.
Democratic Wins Followed a Flood of Billionaire Campaign Spending
November 4, 2026 — More than $2.4 billion flowed from the 40 largest political donors through mid-October, as Democrats captured both chambers of Congress. The figure was more than 50% above the inflation-adjusted total those donors gave across the entire 2022 midterm cycle, underscoring how concentrated political spending has become.
Republican-aligned donors spent heavily, but their favored candidates suffered notable losses. Elon Musk contributed about $446 million to political organizations, including groups seeking to keep Republicans in control of Congress. In Texas, he directed more than $150 million toward the Senate contest, where Democrat James Talarico defeated Republican Ken Paxton.
Jeff and Janine Yass gave around $110 million to Republican political efforts, including $30 million backing Ohio candidate Vivek Ramaswamy. He lost to Democrat Amy Acton, who won about 52% of the vote against his 44%. Miriam Adelson contributed roughly $67.6 million to political groups, including Republican organizations, but the party failed to hold either chamber.
Democratic donors, meanwhile, deployed substantial resources of their own. George Soros and associated organizations contributed about $102 million to Democracy PAC, and Michael Bloomberg gave about $84 million, including money for Everytown for Gun Safety and House Majority PAC. Bloomberg-backed groups supported Democratic candidates who won House seats, while his spending also supported Talarico. The contest was shaped by immense private contributions on both sides, but the Republican donor-backed campaigns did not produce the control of Congress their supporters sought.
Reported by Newsweek, The Daily Caller, 48 hills.
