Billionaires, dark money fuel questions ahead of 2026 midterms
Summary
Billionaires like Stephen and Susan Mandel are giving large amounts of money to Democratic candidates for the 2026 midterm elections. Meanwhile, wealthy donors have given billions in recent years to both political parties, with Republicans currently having more cash available for campaigns.Key Facts
- Stephen and Susan Mandel are billionaires who have donated millions to Democratic candidates, including Joe Biden and Kamala Harris.
- The Mandels have given nearly $10 million to support Democrats running for federal office in 2024 and plan to give more for the 2026 midterms.
- Ultra-wealthy donors spent over $3 billion on the 2024 elections, with Elon Musk giving over $290 million to President Trump and other Republicans.
- These donors gave about five times more money to Republican groups than Democrats in 2024.
- Republican-related groups had over $600 million on hand in early 2024, compared to under $200 million for Democratic groups.
- The Supreme Court ruled that corporations and unions can give unlimited money to political causes, increasing election spending.
- Billionaires fund many political organizations with unclear sources of money, raising questions about "dark money" and disclosure rules.
- Groups like Majority Democrats PAC and The Bench work to support new Democratic candidates, backed mostly by the Mandels and other wealthy donors.
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