Reports: ultrarich spent big to sway 2026 midterms
The gist
Reports say the 40 largest individual donors spent a combined $2.4 billion on the 2026 midterms by mid-October.
Record outside spending and pop-up super PACs are reshaping who funds US campaigns.
How it unfolded
- Aug 28, 2026A Texas PAC formed and soon began spending to help Republican Ken Paxton in Texas' Senate race; money flowed through the Senate Leadership Fund, but Musk's role was not public until Oct. 12.
- Aug 29, 2026The New York Times reported the top 20 donors had poured $1.2 billion into the midterms, a leaderboard dominated by the tech industry and ultrawealthy Republicans.
- Oct 12, 2026Musk's role in funding the Texas PAC became public, more than a month after the spending began.