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Vast sums flood midterm races as Bloomberg, Trump, and Musk fuel competing campaigns

Confirmed1 source · Oct 21, 2026

Billionaire donors are channeling hundreds of millions into the November midterms, with Democrats and Republicans each receiving major financial backing from different sources.

Vast sums flood midterm races as Bloomberg, Trump, and Musk fuel competing campaigns
Image via The Guardian

What happened

Michael Bloomberg has spent $80 million to support Democratic candidates, particularly those running to flip the U.S. House of Representatives, during September and October. Donald Trump announced plans to spend $400 million aiding Republican candidates, with $300 million already disbursed. Elon Musk has spent $366 million supporting Republican efforts. Democrats acknowledge trailing Republicans in overall fundraising despite believing they are favored to retake the House.

Context

The influx of billionaire money reflects high stakes in the midterm election, where control of the House is contested and broader policy agendas—including issues such as the economy, immigration, democracy and voter rights, and foreign policy—are at stake for both parties. The scale of spending by individual wealthy figures demonstrates the role of personal fortunes in shaping electoral outcomes and candidate viability.