The Midterm Billionaire War as America’s Oligarchs Pick Sides
Summary
The article describes record political spending by wealthy donors ahead of the U.S. midterms and growing public concern about billionaires’ influence. Elon Musk and Democratic donors including George Soros, Michael Bloomberg and Reid Hoffman are backing candidates and political groups on opposing sides.Key Facts
- A Politico poll cited in the article found that 72 percent of Americans think there is too much money in politics.
- In the same poll, 61 percent said billionaires have too much influence, including 75 percent of Kamala Harris voters and 55 percent of Donald Trump voters.
- The article says political ad spending is projected to reach $11.6 billion this cycle, above the $11.2 billion spent in the 2024 presidential race.
- Elon Musk has contributed $446 million of his own money to the midterms, with most of it supporting Texas Attorney General Ken Paxton's Senate campaign, according to the article.
- The article reports that George Soros has given about $102 million this cycle and Michael Bloomberg contributed roughly $80 million in September and October.
- The article says Reid Hoffman's money has gone to super PACs supporting candidates in Texas and Kentucky who oppose billionaire influence.
- Federal law limits individual donations directly to a candidate to $3,500 per election, while super PACs can accept unlimited sums.
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