Elon Musk, the world's richest man and an ally of the Republican Party, has donated more than $365 million, including $278 million since July 1.
According to "OpenSecrets," a platform specializing in tracking campaign finance, these amounts make him the largest individual donor in a federal election cycle since unlimited campaign spending was permitted in 2010.
Michael Beckel, director of political campaign finance reform at Issue One, a bipartisan organization advocating for political system reform, says: "We are on track for midterm elections that will be the highest-spending in US history."
AFP analyzed donations made since November 6, 2024, and counted companies and their officials, as well as business partners and/or spouses, as a single donor entity where applicable, based on a methodology developed by The New York Times to track campaign finance.
Tech Giants
Among the top 15 donors, five operate in the technology sector, specifically in artificial intelligence and cryptocurrencies.
Beckel says that "these donors, who tend to favor easing regulatory restrictions in their sectors, are pumping huge sums into US elections in the hope of electing politicians who support their policy positions."
Investors and business partners Marc Andreessen and Ben Horowitz have donated more than $113 million so far, while the cryptocurrency trading platform Coinbase has donated about $57 million.
Ripple Labs, also specializing in digital currencies, has provided more than $68 million.
"Dark Money" Groups
The list of the top 15 donors in the current election cycle includes four anonymous non-profit organizations known as "501(c)(4)" or "dark money" groups.
These non-profit groups contribute to campaign financing but are not legally required to publicly disclose the identities of their donors.
The non-profit organization One Nation, which supports Republicans, provided about $138 million to the Senate Leadership Fund.
While the pro-Republican group American Action Network donated more than $64 million to the same fund, two pro-Democratic non-profit groups, House Majority Forward and Majority Forward, provided donations worth $95 million.
Historical Donors
Some historical donors continued their contributions during this election cycle, including the couple Elizabeth and Richard Uihlein, who donated more than $135 million to support Republicans, and George Soros, who provided at least $102 million.
Other major donors include billionaire businessman Jeff Yass, who donated $109 million, and billionaire and former New York City Mayor Michael Bloomberg, who has provided $52.6 million so far.
