Tech billionaire Elon Musk has spent $366 million since last year to support the Republican Party in the US midterm elections, according to new figures first reported by The New York Times on Monday. Between July and now alone, Musk has spent $276 million, including $158 million on a super PAC focused on Republican Senate candidates. With that total, Musk has become the largest individual donor of the year.
Musk is seen as a close ally of President Donald Trump, the Republican leader, and served as a special White House adviser last year. His political action committee, America PAC, confirmed the total spending figure. In a statement to The New York Times, America PAC spokesman Andrew Romeo described the record sum as necessary to protect Congress from a Democratic takeover in the midterm races.
"These strong investments have allowed the Republican machine to get its message out, to give Republican candidates a chance against history," Romeo told The New York Times.
Musk's spending spree comes as Republican candidates struggle to overcome Trump's low approval ratings and growing voter anxiety in the US over the cost of living. Democrats hope to capitalize on voter dissatisfaction with Trump's term to win control of Congress, where Republicans currently hold majorities in both the House and the Senate.
The influence of wealthy donors and PACs has long been a target of criticism. Opponents argue that such spending distorts the US political landscape in favor of powerful interests.
Musk became the world's first trillionaire in June, when his aerospace company SpaceX held an initial public offering on the Nasdaq. The tech founder had previously said he intended to step back from US political activity, declaring in May that he had "done enough" and had no plans for major spending.
Yet Musk has continued to use his tech stakes and fortune to support right-wing groups around the world. Last year, for example, politicians in Germany accused Musk of trying to interfere in the country's national election. Musk is a vocal supporter of the Alternative for Germany (AfD), a party accused of holding discriminatory views on immigration and other issues.
US voters head to the polls on November 3 in the midterm elections, deciding key state and local races as well as the congressional majority. Republicans are seen as holding a significant financial advantage over Democrats heading into the race, with heavy spending from groups such as MAGA Inc, a pro-Trump super PAC named after the president's "Make America Great Again" movement.
As of August, MAGA Inc was reported to have $416 million in its coffers. The tracking site AdImpact found the group spent $22 million in the past month alone on the tight race for an open Senate seat in Texas.
Trump has also stepped up his campaigning, holding a series of rallies in the final weeks before the vote to help Republicans spread their message. Democrats, however, are confident that the Republican spending advantage will not be enough to counter the impact of growing discontent with Trump.
"Republicans are hoping to buy these elections, pumping tens of millions of dollars into races to try to overcome their unpopular candidates, their unpopular president and their unpopular economy," said Lauren French, a spokesperson for the Democratic Senate Majority PAC.
