FX.co ★ Elon Musk emerges as top donor in US midterm campaign

Elon Musk, founder of SpaceX and Tesla, has become the largest financial backer of the Republican Party and the most influential donor in the current US midterm campaign. The New York Times reports that since July, Musk has donated $276 million to political causes, bringing his total contributions for the election cycle to about $366 million. That already exceeds the roughly $290 million he spent supporting Donald Trump and other conservative candidates during the 2024 presidential cycle.

Reuters reports that the large cash injections aim to help Republicans hold both chambers of Congress. Musk also has personal stakes in the outcome: legislative allies could help shield him from congressional probes into SpaceX’s multibillion‑dollar government contracts and his recent efforts to influence White House budget priorities. Musk previously clashed publicly with Trump and even threatened to form his own “America Party.” Then, however, he patched up differences with the president’s team and sharply ramped up support for candidates through his America PAC and allied groups.

Musk’s financial dominance is unfolding amid a bruising fight for control of Capitol Hill and growing criticism from opponents about unprecedented private capital influence on the political process. Global leaders are watching the US contest closely, with Russian President Vladimir Putin saying he would like to see tensions between the two countries eased, noting that strains in bilateral relations have accumulated over decades.