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By Hugh Cameron
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American billionaires contributed historic sums during the 2026 midterms, and many of the country's wealthiest citizens have discovered that hefty donations aren't always enough to buy the results they want.
According to The New York Times, 20 individuals poured over $2 billion into federal races this cycle, while Al Jazeera reported that the 50 largest donors contributed almost $2.8 billion. OpenSecrets, a political transparency group, found that 1 percent of donors accounted for 98 percent of donations to outside groups, with 64 percent of spending coming from 100 individuals.
While billions of dollars went to both parties, the majority favored Republican campaigns, meaning the majorities Democrats have achieved in both chambers have left a number of billionaires considerably out of pocket.
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Who Contributed the Most?
As the last preelection Federal Election Commission (FEC) reports cover up to October 14, the full scale of money that has helped fund the 2026 midterms will not become clear for weeks. According to a CNBC analysis published October 31, the final 10 weeks of the race saw 22 super PACs form and spend about $637 million.
Individuals are limited to $3,500 per election when donating directly to a candidate, but super political action committees can take contributions of any size, leading to staggering spending this election cycle.
"My overall impression of this midterm is that it demonstrates the collapse of campaign finance law," Michael Kang, a Northwestern Pritzker School of Law professor, told Newsweek ahead of the election. "Elon Musk's extraordinary spending in a midterm election, as well as that of other billionaires, demonstrates not just the current levels of wealth inequality and hyperpartisanship, but also how campaign finance regulation no longer really limits the use of money in campaigning."
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By all accounts, the Tesla and SpaceX CEO has contributed far more than any individual this cycle. Analysis of FEC data by OpenSecrets, Al Jazeera and The New York Times all put his spending around $445 million—though some estimates suggest this likely climbed even higher in the final days of the election cycle.
The three sources differ in their calculations based on which expenditures are counted and editorial grouping, with some donors coupled up because of either close professional or personal affiliations.
The list below is ranked according to OpenSecrets' methodology, based on FEC records of "outside spending"—contributions to groups and entities that are independent of the candidates' campaigns—during the 2025-2026 cycle.
Elon Musk
Industry: Technology
OpenSecrets: $445.5 million
Party: Republican
Focus: Texas' U.S. Senate race and national battlegrounds
While the FEC placed his individual contributions at slightly over $110 million as of mid-October, the near-trillionaire used several vehicles to transfer close to half a billion dollars into key Senate and House races. This includes $216 million for America PAC—which Musk established in 2024 to support Donald Trump's election bid—and other entities that funneled political spending, such as the Elon Musk Revocable Trust and United States of America Inc.
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Through his own super PAC and donations to others such as the Senate Leadership Fund, much of Musk's money went toward supporting Texas Attorney General Ken Paxton, the Republican candidate in the state's U.S. Senate race, who lost to Democrat James Talarico.
Richard Uihlein
Industry: Industrial supplies/distribution
OpenSecrets: $142 million
Party: Republican
Focus: GOP super PACs and conservative candidates
Uihlein is the billionaire owner of the private supply company Uline, which he founded in 1980 with his wife, Elizabeth. Alongside his wife, Uihlein has contributed generously to GOP-aligned PACs and candidates in this year's election cycle, with major recipients including the Restoration of America PAC. The organization focused this year on helping Republicans win in House and Senate races across the country.
Jeff Yass
Industry: Finance
OpenSecrets: $109 million
Party: Republican
Focus: Ohio's gubernatorial race
Long one of the GOP's top political donors, Yass has alongside his wife became the top backer of Republican Ohio gubernatorial candidate Vivek Ramaswamy. Serious questions were raised about Ramaswamy's chances against Democrat Amy Acton after his campaign put out an ad featuring Acton's estranged mother calling her a liar. With nearly every vote counted as of early Wednesday morning, Acton defeated Ramaswamy 52 percent to 45 percent.
Miriam Adelson
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Industry: Casinos
OpenSecrets: $66.1 million
Party: Republican
Focus: Senate battlegrounds
Widow to the late casino magnate Sheldon Adelson, the Israeli American is one of the nation's most well-known conservative political donors. This cycle, her contributions have flowed into Republican campaigns in Senate battlegrounds and to groups such as the Preserve America PAC; the Senate Leadership Fund, including one donation of $30 million; and Trump's own MAGA Inc. But thanks to victories in key battlegrounds such as Maine and Michigan, Democrats won a majority in the upper chamber.
Michael Bloomberg
Industry: Media/financial information
OpenSecrets: $57.9 million
Party: Democratic
Focus: House, gubernatorial races, gun safety
The former New York City mayor, who launched his own campaign for president in 2020, devoted most of his midterm spending to gubernatorial races and helping his party reclaim a House majority. Per The New York Times—which put his total pledged spending at over $80 million—$16 million was earmarked for the party's House Majority PAC. Bloomberg also gave $24 million to Everytown for Gun Safety, a super PAC that seeks to elect gun-safety candidates to federal, state and local office.
"Mayor Bloomberg played an incredibly instrumental role in the decisive midterm election in 2018," House Minority Leader Hakeem Jeffries said in a statement to the paper ahead of the election. "The extraordinary support from Mayor Bloomberg will once again help Democrats flip the House."
Who Was the Biggest Loser?
In line with preelection forecasts, the Democratic Party has secured a majority in the House and Senate and captured—for the first time in 16 years—a majority of governorships. With the majority of midterm spending being in support of the GOP, the elections have therefore produced a number of affluent losers.
Billionaires, such as the hedge fund manager Paul Singer, who donated heavily to Republican groups had their hopes dashed by the Democratic sweep. Meanwhile, the investments of Democrats such as Bloomberg and Reid Hoffman—whose largest disclosed expenditures went toward supporting Talarico in Texas—appeared to pay off.
But Kang believes a less-acknowledged loser may be the voters themselves.
"Much of this billionaire spending occurs through super PACs, or similar nonconnected vehicles, essentially avoiding almost all campaign finance regulation without materially limiting its usefulness," he said.
While Democrats have carried the day despite the GOP's spending advantage, successful campaigns will continue to hinge on how much candidates can court billionaire backers.
"It's important to underscore that the money still helps," Kang said. "Everyone values it, and it gives billionaires' an outsize and growing influence that's going to be even bigger in 2028."
Contact Newsweek editors on this story: Daniel Orton and Shakeema Edwards.
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