Musk donated more than $276 million to US political groups — CNBC
In the United States, Tesla and SpaceX CEO Elon Musk donated more than $276 million to federal political groups in the third quarter. According to reports filed with the US Federal Election Commission, he became the largest known individual donor of the midterm elections. Most of these funds were intended to support Republican Ken Paxton, who is running for the Senate from Texas.
As CNBC reports, the disclosed reports cover candidates' and political groups' receipts and spending from July through September. Democratic candidates in several key Senate and House races raised more direct donations than their Republican rivals.
Direct donations to candidates
Democrat James Talarico in Texas raised $60.2 million in the third quarter, while Paxton raised about $10.2 million. Jon Ossoff in Georgia raised $33.1 million, Abdul El-Sayed in Michigan raised $30.7 million, and Sherrod Brown in Ohio raised $23.1 million.
In 13 of the 21 House races that Cook Political Report rates as having roughly even odds for both parties, Democratic candidates also outpaced Republicans in fundraising as of the end of September. In North Carolina's 11th District, Jamie Ager raised $2.1 million during the quarter, while Jennifer Balkcom raised about $313,000.
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Funding of outside groups
Republicans are making up for their candidates' shortfall in direct donations through funding by outside super PACs. Senate Leadership Fund, the Republican Party's main Senate super PAC, raised a record $272.9 million during the quarter — about $122 million more than its Democratic counterpart.
Musk gave $158 million to the Senate Leadership Fund and another $89 million to America PAC. After Musk's two contributions in September — $75 million and $83 million — the Senate Leadership Fund transferred the same amounts the next day to Texas PAC, which supports Paxton. According to the reports, Texas PAC had not reported any other donors by the end of September.
According to AdImpact estimates, spending on political advertising in the 2025–2026 election cycle could reach $11.6 billion and set a record. Some $3.8 billion has already been spent on advertising in congressional races.
