Tech and finance kingmakers: How billionaires from Musk to Soros are fueling this midterms season

In 2010, the Supreme Court issued Citizens United v. Federal Election Commission, a landmark ruling that overturned certain campaign finance restrictions. Since then, spending by billionaires on American elections is up 160%, and more than $2.6 billion poured into the 2024 presidential election alone. This midterm cycle is on track to set a record for election participation by billionaires, according to Americans for Tax Fairness. Billionaires across the political spectrum, from Elon Musk to George Soros, have already shoveled almost $1.6 billion into the 2026 midterms. Nearly 65% has gone to Republicans, according to the Washington Post. And that money can shape American politics. Winning elections is costly. More than 90% of House candidates and 80% of Senate candidates who outspent their opponents won their elections, according to RepresentUs. Typically, the largest sources of campaign money are large individual contributors and PACs. The biggest bucks to the GOP Hoping to secure seats for candidates favorable to artificial intelligence and venture capital, tech billionaires have largely contributed to Republican midterm efforts. By June, right-leaning donors had given $1.05 bi…