Most expensive midterm elections: Musk spent US$11.9 billion on this year’s elections and is the biggest donor

According to the British Broadcasting Corporation (BBC), the United Statesmidterm elections The official vote will take place on the 3rd. According to estimates by OpenSecrets, an independent organization that tracks campaign funds, this campaign has become the most expensive midterm election in history, with total spending reaching US$11.9 billion, an increase of nearly 30% from the previous midterm election in 2022, setting a new historical record. richest man in the worldmusk He also became the largest individual financial supporter, spending approximately US$500 million in his support.republican party The candidates are particularly focused on the Texas Senate race.

According to US Federal Election Commission (FEC) filings as of mid-October, spending on the 2026 midterm elections has exceeded US$9.5 billion, of which political action committees (PACs) and super political action committees (Super PACs) have spent about US$5.5 billion, more than half of the total. The expenditure has almost doubled in the last few months alone. Since full data will not be released until after the election, OpenSecrets estimates that total spending will ultimately reach $11.9 billion based on past election trends.

The United States has limits on the amount of direct donations to candidates from individuals, political parties, and political action committees. However, super PACs can accept unlimited donations from individuals, businesses, and labor unions, and can indirectly support candidates through advertising and other methods. They have become the main drivers of the surge in money in this election.

According to data from the liberal think tank “Brennan Center for Justice”, as of October 14, the 40 top donors had invested a total of US$2.4 billion, setting a new high for the same period in previous midterm elections. US campaign finance expert Michael Beckel pointed out that the 2026 midterm election spending continues to break records, and more and more money comes from the richest donors and groups.

Among these, Musk’s donation amount is far ahead of other rich people. As of October, they have invested nearly US$500 million, most of which went into the “America PAC” established in 2024 and the “Senate Leadership Fund” supporting the Republican Party. Among them, America PAC invested more than US$45 million supporting Republican candidate Ken Paxton against Democratic candidate James Tallarico in the Texas Senate race. It invested approximately US$10 million in Michigan and Ohio, respectively.

Other major donors include financier George Soros, who donated a total of US$102 million to liberal groups through two organizations he founded; Former New York Mayor Michael Bloomberg became a significant donor to the Democratic Party, investing more than US$60 million. On the Republican side, billionaires Jeff Yass and the Uihlein family have also invested heavily. Additionally, cryptocurrency players Ripple and Coinbase donated a combined $63 million to support political groups promoting industry interests.

As far as the use of these huge funds is concerned, apart from hiring staff, organizing campaign activities, and voting, the biggest use is still political advertising. According to data from ad tracking company AdImpact, by the end of October, advertising spending during this election had reached US $ 11.15 billion. Traditional TV advertising still accounts for the majority, but digital advertising spending continues to grow. Among them, ad spending is highest in Senate races in Michigan, Texas and Ohio, followed by Iowa and Maine.