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election 2026
‘Modern-Day Royalty’: 50 Billionaire Families Have Already Pumped Over $430 Million Into Midterms
Elon Musk, the richest man in the world, tops the list of 2026 campaign spenders so far, donating roughly $71 million—including $10 million in support of a pro-Trump candidate running to succeed Sen. Mitch McConnell (R-Ky.).
Behind Musk is businessman Jeff Yass, a relatively low-profile billionaire who has spent millions in recent years promoting school privatization. Yass has so far spent $55 million in the 2026 midterm cycle, $16 million of which went to MAGA Inc.—the largest recipient of the billionaire's donations.
Combined, the 50 top-spending billionaire families—which ATF describes as "modern-day royalty"—have poured $433 million into the 2026 midterms to date.
"Billionaires are on track to break their $1 billion midterm spending record," ATF noted on social media, referring to the 2022 midterms. "The spending is projected to grow exponentially as November approaches."
ATF published its analysis days ahead of the latest round of nationwide "No Kings" protests against the Trump administration this coming Saturday, March 28.
“The American people reject kings, political or financial,” David Kass, executive director of ATF, said in a statement on Wednesday. “Whether it’s an out-of-control chief executive in the White House or a billionaire wielding his huge fortune to influence elections, anti-democratic behavior is anathema to the American public."
"As we approach the 250th anniversary of our independence from the British monarchy," Kass added, "it’s more important than ever that we reform our campaign-finance and tax laws so that no billionaire can purchase a crown.”
ATF found that nearly 80% of top billionaire families' 2026 midterm spending—$344.3 million of the $433 million total—has gone to Republicans and GOP organizations, with the pro-Trump MAGA Inc. super PAC receiving $89 million, far more than any other group.
Four of the top five recipients of midterm cash from the nation's richest billionaire are pro-Republican PACs.
"Republicans and conservatives receive the lion’s share of billionaire financial support because it is the nation’s right-wing that works to ensure the wealthiest families get to keep and expand their fortunes, such as through the GOP tax-and-spending law enacted last year," ATF noted.
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