The Billionaires Who Spent, Won and Lost the Most at the Midterms
Summary
Billionaires contributed historic sums to the 2026 U.S. midterm races, but large donations did not guarantee electoral wins. OpenSecrets ranked Elon Musk as the cycle’s biggest outside spender, with about $445.5 million; much of his spending supported Republicans, including Texas Senate candidate Ken Paxton, who lost to Democrat James Talarico.Key Facts
- The New York Times reported that 20 individuals spent more than $2 billion on federal races during the cycle.
- Al Jazeera reported that the 50 largest donors contributed almost $2.8 billion.
- OpenSecrets found that 1 percent of donors accounted for 98 percent of donations to outside groups.
- OpenSecrets said 100 individuals accounted for 64 percent of outside-group spending.
- FEC reports available before the election covered contributions through October 14.
- A CNBC analysis published October 31 found that 22 super PACs formed in the final 10 weeks and spent about $637 million.
- OpenSecrets estimated Musk’s outside spending at $445.5 million, while other analyses also put his spending at about $445 million.
- Musk directed substantial support toward Texas Senate Republican Ken Paxton, who lost to Democrat James Talarico.
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