Money usually wins elections. Billionaires have already poured $433 million into the 2026 midterms—and 80% of it is going to Republicans

American billionaires have already poured more than $433 million into the 2026 midterms, and nearly 80 cents of every dollar is backing Republicans.

That’s according to an analysis released by the Americans for Tax Fairness (ATF), a progressive advocacy group, which examined Federal Election Commission data through March 1. The group found the 50 biggest-spending billionaire families had funneled $344.3 million, or about 79%, to Republican candidates and conservative organizations. 

The pro-Trump super PAC MAGA Inc. was the single largest beneficiary, pulling in $89 million, followed by America PAC ($45.3 million), Senate Leadership Fund ($36.3 million), and Congressional Leadership Fund ($30 million), all of which support Republican candidates. 

The biggest individual donor, unsurprisingly, is Elon Musk. The world’s richest person (and first trillionaire) had committed almost $71 million to Republican midterm efforts as of ATF’s count, followed by Wall Street financier Jeff Yass at more than $55 million. Yass cofounded Susquehanna International Group and is a major investor in TikTok’s parent company, ByteDance.

Musk’s total has climbed since ATF’s analysis. As of the end of June, his midterm donations have totaled at least $90 million, including multimillion-dollar gifts to the campaigns of Republican billionaire Vivek Ramaswamy’s campaign for Ohio governor and Texas Gov. Greg........

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