USAupdated 1h ago3 min read
Elon Musk Spends $366 Million Backing Republicans in 2026 U.S. Midterms
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Elon Musk spent about 366 million dollars backing Republicans in 2026 midterms. $276 million of that total has been spent since July.
Musk backs Republicans
Elon Musk spent about 366 million dollars on the American midterm elections of 2026 so far, including 276 million dollars since July, as he sought to help Republicans retain control of Congress. America PAC spokesperson confirmed the details of Musk’s political spending, with $158 million to the Senate Leadership Fund linked to Senate Republican Leader John Thune and $20 million to the Congressional Leadership Fund linked to Speaker of the House Mike Johnson. Musk’s contributions also included $76 million to the America PAC associated with Musk and $10 million to Lone Star Liberty PAC backing Texas Attorney General Ken Paxton in the Senate race against Democrat James Talarico.
The CNN al-Iqtisadiyah report said the November 3 election was approaching and that the United States system allows major political action committees to raise and spend large sums without direct coordination with campaigns. The report added that Democrats in the House were calling for investigations into government contracts awarded to SpaceX, which Musk runs, and into his past work running the “Efficiency of Government” agency under Donald Trump.
Fairshake targets House
Fairshake and its affiliated super political action committees announced they would back 32 House incumbents, including 19 Republicans and 13 Democrats, as the midterms approached.
Fairshake spokesperson Geoff Vetter said, "Fairshake has always been and always will be an issue-focused organization," and he added, "We back pro-crypto candidates who support American innovation in both parties."
The network committed at least $1 million in support of six House incumbents, including Democratic Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada, and Derek Tran of California, and Republican Reps. French Hill of Arkansas, Bill Huizenga of Michigan, and Bryan Steil of Wisconsin.
FEC filings showed a combined $2.7 million in media spending by the Defend American Jobs and Protect Progress PACs, with Defend American Jobs and Protect Progress reporting expenditures on media and direct mail productions.
The spending included more than $76,000 for House Majority Whip Tom Emmer and $73,000 for House Agriculture Committee Chair Glenn Thompson, according to filings described by Cointelegraph.
CLARITY stalemate and stakes
Fairshake’s House slate tied its support to the Digital Asset Market Clarity (CLARITY) Act, and the network said all 32 candidates it backed voted for the measure when it passed the House 294-134 in July 2025.
The sources said the CLARITY Act failed to advance in the Senate after a procedural vote in September, leaving the industry’s biggest legislative priority unresolved ahead of November.
Stand With Crypto warned after the failed CLARITY vote that candidates who failed to advance the legislation could face “consequences” in the midterms.
Fairshake also prepared at least $30 million to oppose former Democratic Senator Sherrod Brown in Ohio, where Brown was challenging Republican Senator Jon Husted.
The stakes were framed through the Senate’s 60-vote threshold, as Democratic Sen. Ruben Gallego said, "You still need 60 votes after this election if you want to pass market structure," and he added, "Now the negotiations will just get harder, and the deal is going to be not as good as they had right before they decided to kill it."