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"In a democracy, it’s supposed to be one person, one vote, and the more one person can influence, the less egalitarian our system becomes," said one expert.
Some of the richest people in the US have spent unprecedented sums of money to influence the outcome of the 2026 midterm elections, and a Sunday report in The New York Times estimated that the top 20 biggest donors alone have spent a combined $2 billion in federal races this cycle.
The single largest funder of the 2026 midterms, by a wide margin, is far-right billionaire Elon Musk, who has shoveled nearly $450 million to help GOP candidates.
In fact, pro-Republican donors account for the five largest individual contributors to midterm races.
In addition to Musk, the other largest donors this cycle are industrialists Richard and Elizabeth Uihlein, who have given $150 million to help elect Republicans; flagship GOP Senate super PAC One Nation, which has spent $138 million; venture capitalists Marc Andreesen and Ben Horowitz, who have given $116 million; and hedge fund investor Jeff Yass, who has given $110 million.
On the Democratic side, the top spenders have been flagship Democratic Senate super PAC Majority Forward, which has spent $104 million, and George and Alexander Soros, who have given $103 million.
The Times' report echoes an analysis published last week by the Brennan Center for Justice showing that the 40 largest individual donors to the 2026 elections had spent a combined $2.4 billion as of mid-October.
According to Brennan, this represents the single largest amount of money spent on a midterm election ever since the US Supreme Court's landmark 2010 ruling in Citizens United v. FEC unleashed limitless political campaign spending.
The Brennan analysis reveals that the spending of the very largest donors has grown dramatically over the last decade.
"The donations coming from the top 40 donors for the midterms total eight times the amount from the top 40 donors by mid-October in the 2014 midterms (the first full midterm cycle after Citizens United), adjusted for inflation," the analysis explains. "The cutoff to be in the top 40 has also increased to 10 times what it was four cycles ago, to $25 million."
And while the biggest spenders used to favor Democrats, their loyalties have since shifted to the GOP, and in this election cycle "donors loyal to the GOP now give more than three times the amount that reliably Democratic donors give."
And while labor unions were once at least represented in the list of top 40 election donors, they have since fallen out and have been replaced by donors from the cryptocurrency industry, the Brennan Center analysis finds.
Ian Vandewalker, senior counsel at Brennan and co-author of the analysis, told The Guardian in an interview published Monday that it's become easier for politicians to be totally beholden to a single large donor while ignoring the needs of voters.
"In a democracy, it’s supposed to be one person, one vote," Vandewalker explained, "and the more one person can influence, the less egalitarian our system becomes."
Economist Paul Krugman expressed similar concerns about the influence of big money in US politics, writing on his Substack page Monday that "oligarchy is on the ballot" in the 2026 midterms.
In assessing the massive spending by megadonors on elections, Krugman said the Supreme Court's Citizens United decision deserved significant blame. However, he said it was also a simple reflection of the fact that the US economy for decades has been rigged to provide benefits primarily to the ultrawealthy.
"Now we... have men big enough to own the government of the United States," Krugman commented. "This midterm is a test of whether they will get away with it."
"I did it for J6," President Donald Trump said of the Capitol insurrectionists he pardoned just hours into the start of his second term.
US President Donald Trump said in a podcast interview released Monday that he would not hesitate to issue preemptive pardons for mega-billionaire Elon Musk and other allies to shield them from potential investigations if Democrats retake control of Congress in this week's midterms and win back the White House in 2028.
"I would not even think about it. I'd do it," Trump said of preemptive pardons for Musk, White House staff, and other allies during an interview on the Pod Force One podcast, hosted by New York Post columnist Miranda Devine. "I did it for J6."
The president claimed that Democrats—who have signaled plans to investigate Musk should they win the House or Senate in Tuesday's elections—"want to arrest" the world's richest man and leading GOP donor, along with his lackeys who rampaged lawlessly through the federal government with the so-called Department of Government Efficiency (DOGE).
"Big Balls. They want to arrest him," Trump said, referring to Musk associate Edward Coristine.
As Wired reported last year, Coristine—who was 19 when he was hired at DOGE—was one of the Musk operatives at the Small Business Administration "who sought access to HR, contracting, and payment systems and information."
Watch Trump's comments:
The Wall Street Journal reported in April that Trump has "repeatedly promised his top administration officials pardons before he leaves office," saying during one closed-door meeting that he would "pardon everyone who has come within 200 feet of the Oval [Office]."
The president's remarks came days after Politico reported that congressional Democrats are eager to investigate Musk's "alleged conflicts of interests" as his companies "rake in multibillion dollar federal contracts and subsidies."
"Members of House Oversight and other panels also want to examine Musk’s role in eliminating over 250,000 federal jobs during his time at DOGE, withholding congressionally appropriated money and accessing sensitive government data," the outlet noted. Democrats have also named Musk's deadly dismantling of the US Agency for International Development (USAID) as a potential target of investigation.
Musk, whose tenure at the head of DOGE ended in May 2025, has benefited massively from Trump's second White House term.
According to a recent analysis by the consumer advocacy group Public Citizen, Musk is among the "top beneficiaries of the cancellation of corporate enforcement actions" under Trump. Musk's companies have "benefited from at least eight canceled enforcement actions," the group found.
Musk has funneled around $445 million in the 2026 election cycle to super PACs supporting Republican candidates in an effort to help the party maintain its congressional majorities.
"Billionaires and Big Tech have poured $2.7 billion and counting into Republican midterm campaigns, with Elon Musk breaking a new record as the largest political donor in American history," Democrats on the House Judiciary Committee wrote in a social media post on Monday. "This is what happens when the administration puts pardons, regulatory changes, tax cuts, and public policy up for auction to MAGA world."
"Democrats in Congress will investigate and uncover all the corrupt deals under the surface," the committee Democrats added.
The bulk of political dark money flows directly back into media companies that the nation’s richest donors control. We can break the cycle.
There’s a drama playing out across American screens in 2026. But not the sort you might expect. There are villains and heroes, yes, high finance and political intrigue, too. There may even be a surprise ending—but we’ll have to wait until the Nov. 3 season finale to find out.
The actual plot, though, is not unfolding on television screens or streaming platforms but in corridors of political power and extreme wealth, far from public view. It’s a tale about the hijacking of US elections by the world’s richest people.
According to the Federal Election Commission, as of early October a record-setting $16 billion and counting had been plowed into the 2026 midterm-election cycle. Hundreds of millions more have been added to that tally in the weeks since. Much of this money comes from the world’s richest oligarchs, many who built their unlimited wealth from ownership stakes in massive tech and media conglomerates.
So much for the idea that our news-and-information systems should foster the public exchange of diverse ideas that are the lifeblood of civic society.
Elon Musk has contributed just shy of half-a-billion dollars to Republican-aligned political campaigns and Super PACs for the 2026 midterms. That’s more than his total political contributions during the 2024 presidential election. With no limit on how much he can spend, Musk made the biggest electoral donation in American history—$158 million—to help one candidate (senatorial hopeful Ken Paxton of Texas).
Lesser known are the contributions lower-ranking multibillionaires have made: Mike Bloomberg, Reid Hoffman, and George Soros have contributed a combined $227 million to Democratic-aligned campaigns; GOP election initiatives have received hundreds of millions of dollars from the likes of Marc Andreessen and Ben Horowitz ($92 million); Elizabeth and Richard Uihlein ($150 million); and Jeff and Janine Yass ($110 million) .
Hundreds of millions more have found their way into the accounts of shadowy Super PACs that are not required to disclose their donors.
Most of this whopping cash infusion pays for political ads: The media-tracking firm AdImpact projects a record-breaking $11.6 billion of that $16 billion total—or approximately 73 percent of all political contributions—will buy ads on broadcast and cable-TV stations, radio outlets, streaming services and social-media platforms.
Viewers are left with little to help them separate fact from fiction before they head to the polls. That’s because the media outlets that serve up campaign spots have zero legal obligation to reject ads that peddle lies. While nearly half of this money goes to air political ads on broadcast outlets, the Communications Act of 1934 prohibits television and radio stations from censoring or editing candidate-sponsored ads, even when they know the content is false.
And while the Federal Communications Commission does require a degree of transparency regarding who paid for a given broadcast ad, it does not monitor or regulate the accuracy of an ad’s claims.
Since 2024, the owners of social-media platforms like Facebook, X and YouTube—which account for a growing piece of the ad-spending pie—have largely abandoned efforts to fact check the political ads that course across their networks.
That’s a lot of data points to digest. But the information on political-ad spending leads to one disturbing conclusion: The bulk of money spent to manipulate and even misinform viewers flows back to media companies that many of the nation’s richest donors control. This cycle of money and influence is turning people away from meaningful political engagement, put off by the deluge of dishonest attack ads that will have aired hundreds of thousands of times before viewers become voters on Nov. 3.
It’s a toxic combination of ingredients that Free Press co-founders Robert W. McChesney and John Nichols called the “money and media election complex,” in which wealthy donors, giant corporations, politicians, regulators and corporate media align their interests against a public seeking to legitimately engage in democracy.
“The complex has tremendous gravitational power,” McChesney and Nichols wrote more than a decade ago, “which increases the degree of difficulty for those wishing to participate in elections in a manner not conducive to wealthy funders, corporate media or preservation of the status quo.”
So much for the idea that our news-and-information systems should foster the public exchange of diverse ideas that are the lifeblood of civic society. Instead we have a political system that’s beholden to billionaire donors, and a hyper-commercial media that are getting rich off keeping voters in the dark.
Media outlets must take their obligations more seriously. In exchange for First Amendment freedoms, they need to cover the money that’s poisoning our politics, expose the groups and individuals funding political ads and address the falsehoods presented in many of these spots. With little time remaining before the midterms, the time to do this reporting is now.
Public policy must also address the media’s systemic failings. And while communications regulation may look fuzzy when viewed from 30,000 feet, at the ground level the consequences of bad rules and regulations come into sharper focus. Nowhere is this more evident than during elections.
Instead of nurturing democracy and free speech, commercialized media today threaten to distort it.
The lack of adequate diversity and competition in media has encouraged industry owners to think of their outlets as profit-making machines with no obligation to disclose to viewers the political money and special interests that make them tick. And the lack of local reporters holding candidates to account—the consequence of runaway media consolidation in turn spurring newsroom cutbacks and closures—in many ways explains the rise of a class of politicians who spend more time wooing wealthy contributors than attending to the needs of voters back home.
This has created a dependency between those who control political power (and need access to the media to keep it) and those who control the media (and need access to political power to keep it). This cycle has gotten so toxic that instead of nurturing democracy and free speech, commercialized media today threaten to distort it.
These systemic remedies include making political ad-spending information easily available, including exposing the true funders bankrolling Super PACs. Such disclosure should happen in the body of the ads themselves. We must also get serious about strategies and policies that foster independent, local political journalism. Free Press Action has made a number of promising inroads here through state-level legislation to fund civic media.
And we need to right-size massive media conglomerates, using existing antitrust law and media-ownership limits while strengthening other rules that have been gutted at the urging of a powerful media lobby and far-too compliant lawmakers and regulators.
There’s a growing backlash against billionaire control of our political and media systems that could make these reforms possible.
The failures of corporate media have undercut the First Amendment goal of creating, in the words of the Supreme Court in 1969, an “informed public capable of conducting its own affairs.” True participatory democracy will have no chance at survival if we fail to insist on serious changes now.
“If the American President is relying on the policy advice of a Musk-designed, Hitler-friendly chatbot with a predilection for child pornography in order to carry out his official duties, Americans have a right to know."
A pair of top Democrats in the US House of Representatives on Thursday are asking new questions about the influence that artificial intelligence chatbots may have had in the deliberations or planning of President Donald Trump's unlawful military operations against Venezuela earlier this year that resulted in the kidnapping of the country's president, Nicolas Maduro.
In a letter sent directly to Trump, Rep. Jamie Raskin (D-Md.), ranking member of the House Judiciary Committee, and Rep. Robert Garcia (D-Calif.), ranking member of the House Committee on Oversight and Government Reform, called on the president to preserve any and all of his conversations with artificial intelligence chatbots and asked for confirmation on whether or not he had specifically engaged with Elon Musk’s Grok chatbot concerning the US military assault on Venezuela.
The committee Democrats pointed to public reporting about a meeting between Trump and Musk that took place prior to the US military operation in Venezuela that raises serious questions about the role the president's interaction may have played in shaping his understanding of the situation in the country and fallout from such an audacious—and "100% illegal"—plan.
As TechCrunch summarized earlier this month:
In December 2025, about a month before the US invaded Venezuela and captured its president, Nicolás Maduro, President Trump had a secret meeting with Elon Musk, Time magazine reports. This was roughly seven months after Musk left his role in the Trump administration at the Department of Government Efficiency (DOGE).
During this meeting, Trump “spent hours” talking to Musk’s Grok chatbot, including asking how Venezuelans would respond to the capture of their president, a source told Time. Just a few months earlier, in September, Trump began ordering U.S. military strikes against Venezuelan boats that Trump alleged were involved in drug trafficking.
People had apparently been turning to Grok asking about the boat strikes and political climate in Venezuela, as The Atlantic reported at the time. So Grok told Trump that Maduro was a “deeply unpopular dictator and that many Venezuelans would likely celebrate his downfall,” Time reported.
If such reporting is accurate, Raskin and Garcia said in their letter to Trump that the "episode is deeply troubling," and offered three key reasons.
"First, you consulted Grok—but not Congress—on your military deployment to Venezuela, circumventing Congress’s constitutional power to declare war and introducing instead into American foreign policy decision making a technology that is highly manipulable and demonstrably error-prone," the pair wrote.
"Second," the letter continues, "the unsecured use of AI chatbots by you and your closest advisors exposes the United States to acute national security risks. Your Administration’s disdain for operational security is well-documented. Secretary of Defense Pete Hegseth famously used unsecured channels to relay information about impending U.S. military strikes to his wife, brother, and personal lawyer."
The third reason, they said, is that Trump and his advisors’ "use of AI exposes the country to malign influence from unknown and unaccountable third parties."
The letter details a series of specific controversies with the Grok chatbot model, including its ability to create sexualized images of people—including children—without their permission and creating pro-Nazi content and advocating for a "second Holocaust" based, unsurprisingly, on what the model itself attributed to public comments by Musk.
"These disturbing examples illustrate why the White House’s AI prompts and outputs must be preserved," said Raskin and Garcia in the letter.
"If the American President is relying on the policy advice of a Musk-designed, Hitler-friendly chatbot with a predilection for child pornography in order to carry out his official duties, Americans have a right to know," they wrote. "If the United States military killed dozens of innocent schoolchildren based on the faulty advice of an AI chatbot, we have a right to know that too. And if an unelected oligarch is influencing U.S. policy through his AI-generated alter ego, Americans have a right to know how governmental decisions are being reached."
In service of that message, the lawmakers told Trump that any and all "AI prompts submitted by you and your staff, as well as the outputs you received, plainly fall within the definition of presidential records," and should be properly preserved in accordance with existing statute.
In addition, "to ensure that the American public’s rights to presidential records are being adequately protected," the pair requested a closed-door briefing regarding the use of AI chatbot technologies by the president, his staff, and other relevant personnel. They also asked a series of detailed questions on the subject for which they requested answers, in writing, by November 11.
"Until something is done, like overturning the Citizens United US Supreme Court decision, the wealthy’s stranglehold on our political system will continue to tighten."
The "almost cartoon-villain level of political spending" by SpaceX CEO and former Trump administration adviser Elon Musk has reached a fever pitch ahead of the midterm elections, with the right-wing billionaire's donations of $445 million to super political action committees accounting for 10% of the $4.2 billion the PACs have brought in.
As an analysis released Tuesday by the government watchdog Public Citizen found, Musk has led the way in contributing huge sums to super PACs. The PACs can raise unlimited amounts of money on behalf of candidates and causes and have increasingly influenced elections following the 2010 Citizens United Supreme Court ruling, which said the government cannot restrict political spending by corporations.
But excluding Musk, just 514 donors have contributed about $3.8 billion to super PACs this election cycle, as Republicans attempt to hold onto control of the US Senate and House of Representatives despite President Donald Trump's plummeting approval rating and his record of raising the prices of gas and other essentials with his illegal war on Iran and his tariff policy.
Altogether, the donations from the 515 contributors account for 73% of all super PAC funding from individuals, corporations, and nonprofits this election cycle, according to Public Citizen.
"The figures add to a growing body of evidence that unlimited political spending has concentrated influence over elections among a tiny number of wealthy individuals and corporations," said the organization, noting that Musk's contributions come two years after he poured nearly $300 million into the 2024 elections, boosting Trump and other Republicans and spending close to $120 million more than the next closest donor.
The report follows an earlier Public Citizen analysis that found more than 100 super PACs that have raised at least $1 million received the majority of the funding from just a single donor, collectively gathering more than $1 billion to boost the candidates of their choice.
The Senate Leadership Fund has the most donors contributing at least $1 million each, with 61 people contributing $496 million.
“When 500 donors account for more than 70% of super PAC contributions, we should be asking whose voices our political system is prioritizing.”
MAGA Inc., the super PAC affiliated with Trump, has taken $405 million from 102 contributors ahead of the crucial midterms, while the Senate Majority PAC has received $244 million from 44 people or groups.
Fifty-three donors have sent $231 million to the Congressional Leadership Fund, while 31 donors have contributed $183 million to the House Majority PAC.
“Super PACs have helped create a political system where a small number of wealthy interests can spend unlimited amounts to influence elections and shape the choices voters face,” said Lisa Gilbert, co-president of Public Citizen. “When 500 donors account for more than 70% of super PAC contributions, we should be asking whose voices our political system is prioritizing.”
After Musk, GOP megadonors Richard and Elizabeth Uihlein have been the second-largest contributors to super PACs this year. The Uihleins own the packing company Uline, and have pushed for years for government deregulation and against labor unions.
Other top contributors include multiple dark money groups, right-wing megadonor Jeffrey Yass—a longtime funder of anti-LGBTQ+, anti-choice, and anti-public school campaigns—and venture capitalist Marc Andreessen, who said earlier this year that he would prefer to use artificial intelligence in his business rather than hire human workers.
As The Washington Sun reported Tuesday, dark money groups, which don't have to reveal the source of their contributions, have poured more than $392 million into the four congressional leadership PACs this year.
The Public Citizen report stresses that the hundreds of top donors to super PACs this year gave amounts of money that "most Americans could not fathom donating to a political cause."
More than 85% of the money raised by super PACs ahead of the midterms came from donors who gave at least $20,000—"nearly a quarter of the median household income," said Public Citizen.
"Until something is done, like overturning the Citizens United US Supreme Court decision," said the group, "the wealthy’s stranglehold on our political system will continue to tighten."
If these horrible billionaires control everything we see and hear in the media and on social media, they won’t have to spend a penny on elections to keep their candidates in power.
Our billionaires seem to be in a competition for most awful human being alive. We have Larry Ellison, along with son, taking over CBS and immediately destroying its prized news show, 60 Minutes. They appointed Bari Weiss, a right-wing apparatchik, to oversee CBS’s entire news operation. She has immediately sought to make the news more Trump-friendly. This has led to many reporters being fired and threats to others to make their reporting toe the Trump line or risk being fired. Many of the network’s longest-serving reporters just quit.
The fun doesn’t stop here. The Ellison clique is also getting control of CNN through Paramount’s takeover of Warner Bros. Presumably we can look forward to more Trump-friendly reporting there also.
To be clear, neither of these networks was a paragon of objective reporting before the Ellison family takeover. Both networks regularly marginalized and belittled progressives in the US and around the world. But they did at least have an ostensible commitment to objectivity, unlike, say, Fox News.
Allowing the rich to dominate the media and social media to the extent they do is at least as much an offense to democracy as their hundred-million-dollar campaign contributions.
Then we have Mark Zuckerberg, who seems to view the huge Meta social media platforms as important mechanisms for pushing his political agenda. Last Saturday, the Instagram site for the No Kings march went down for four hours, exactly when it was being most widely used. Meta claimed there was no political motive; it was just incompetence.
We might be more inclined to accept the incompetence story if there wasn’t a comparable picture in Brazil in the lead-up to its presidential election. Lula, the incumbent president, is locked in a tight race with Flavio Bolsanaro, a right-winger who is openly allied with Donald Trump. It seems that the sites of supporters of Lula and his supporters have repeatedly run into the same sort of technical difficulties with Meta.
Then we go to everyone’s favorite evil billionaire, Elon Musk. Musk bought Twitter with the explicit intention of using it as a vehicle to support his politics. He not only opened the gates to all sorts of racist, sexist, and harassing material; he has throttled the accounts of many progressives so that their comments are less widely viewed.
Musk also has teamed up with Ellison, who was given a controlling stake in TikTok, after Donald Trump wrestled it away from its Chinese owner. TikTok decided to suspend the account for the documentary Musk, just before its initial release. Musk apparently gave the film a bad review, which was enough to get it banned from TikTok for at least a period of time. Musk is also contributing hundreds of millions of dollars to get some of the most awful people on the planet elected as governors or senators.
This crew of centibillionaires sees the purpose of government to make themselves ever richer, and are prepared to use their money to ensure that it does. Their use of campaign contributions for this purpose is widely recognized, but that is only part of the story.
Their control of major media outlets is at least as important. If a television or radio ad can affect people’s votes, then surely what people hear between the ads also can affect their votes.
Allowing the rich to dominate the media and social media to the extent they do is at least as much an offense to democracy as their hundred-million-dollar campaign contributions. It is essential to weaken their control.
One good place to start would be reforming Section 230 of the Communications Decency Act, which exempts the huge social media platforms from liability for third-party content. This gives social media platforms an advantage over broadcast and print outlets, which are liable for harms (defamation or fraud) caused by third-party content. Fox News famously paid out $787 million for spreading third- party lies about the 2020 election. Section 230 can be amended in a way that levels the playing field and favors smaller non-profit or subscription-supported platforms.
The other route is to increase support for alternative media. There has been serious progress in this area. The Local News Act was recently signed into law by California Governor Gavin Newsom. This measure gives a subsidy of up to $20,000 per reporter for news outlets to cover local news. Several other states are considering similar measures.
It’s a long way from measures giving modest subsidies for local news to the multibillion-dollar media outlets and social media platforms that dominate what people see and hear. But these are an important foot in the door. If these measures succeed and are popular, they can spread to other states and possibly be implemented nationally.
In any case, if we are serious about limiting the ability of the billionaires to buy democracy, we have to go beyond worrying about campaign contributions. If these horrible billionaires control everything we see and hear in the media and on social media, they won’t have to spend a penny on elections to keep their candidates in power. Those concerned about democracy need to recognize this fact.
In democratic societies elections should always be important, but they certainly shouldn’t be determining questions of planetary survival. Unfortunately, they are.
Greetings from Michigan—I last wrote one of these dispatches on Sunday, from Kansas; since then I’ve been in Texas, where the remarkable James Talarico is apparently locked in a dead-heat race with the execrable Ken Paxton; now I’m headed to greater Lansing with my Third Act colleagues to try and boost the Senate fortunes of Abdul el-Sayed and the House race of Will Lawrence, once a founder of the Sunrise Movement. (If you want to join us, here’s the info). So you might say I’m taking this election seriously.
More seriously than I wish we had to. In democratic societies elections should always be important. But they shouldn’t, ideally, be the deciding factor between continued stability and whatever kind of creeping fascism we’re playing with. And they certainly shouldn’t be determining questions of planetary survival. But they are.

The chart above shows the rate of deforestation in the Amazon; it comes ahead of Sunday’s contest between the next Bolsonaro (think chainsaw) and the incumbent, Luiz Inácio Lula da Silva (think standing tree). As George Monbiot writes in The Guardian Thursday morning:
Physically and politically, Flávio Bolsonaro is the spitting image of his father, the jailed coup-plotter, Jair. When Jair Bolsonaro was president of Brazil, he appeared to see ecological destruction as a kind of a holy duty. The deforestation rate rose by 59% in his four years, and attacks on Indigenous people and other forest defenders, as well as invasions by illegal ranchers, loggers, and goldminers rocketed. The crudest forms of extractivism—regardless of their costs, or how they might hold back all kinds of progress—were a matter of policy.
The ideology of the far-right in Brazil has been described as “beef, Bible, and bullets”: violence against those who resist the seizure of their resources, an ultra-conservative evangelism, and the expansion of cattle ranching, which is both a potent symbol of far-right machismo and the primary driver of deforestation in the Amazon.
If you combine this with the knowledge that we’re very very near a tipping point in the Amazon, you start to get worried. The Amazon rainforest is almost an organism itself—it in essence generates half its own rainfall, recycling rainwater five to six times as air moves east to west across it. As early as 2018, my old friend, the dearly missed Tom Lovejoy, and his collaborator Carlos Nobre had a paper in Science that concluded:
We believe that negative synergies between deforestation, climate change, and widespread use of fire indicate a tipping point for the Amazon system to flip to non-forest ecosystems in eastern, southern, and central Amazonia at 20-25% deforestation.
The severity of the droughts of 2005, 2010, and 2015-16 could well represent the first flickers of this ecological tipping point. These events, together with the severe floods of 2009, 2012, (and 2014 over SW Amazonia), suggest that the whole system is oscillating. For the last two decades the dry season over the southern and eastern Amazon has been increasing. Large scale factors such as warmer sea surface temperatures over the tropical North Atlantic also seem to be associated with the changes on land.
Here’s what Nobre told the Times this week:
Legal deforestation, he said, put the Amazon at “total risk” and could sharply reduce rainfall throughout much of South America, threatening Brazilian agriculture and global food prices. Brazil is the world’s second-largest food exporter and could surpass the United States this year. “We are going to lose all of this,” Mr. Nobre said.
We may lose even more. It’s not at all clear that the Earth’s climate system can function if the Amazon begins to break down—along with the poles, it’s one of the planet’s handful of truly keystone physical systems. That its fate depends on an election is terrifying. Needless to say, the usual cast of characters like Elon Musk are allied with the chainsaw in this one. But of course Musk, fresh off his breathtaking betrayal of the Ukrainian people, is playing an even more critical role in America’s elections. As Laurent Belsie pointed out this week, the reason that Talarico may lose is largely down to this one man:
Mr. Musk’s biggest donation was $158 million to the GOP’s Senate Leadership Fund, which put that same amount into the Senate race in Texas—where Mr. Musk’s companies are based. On X, Mr. Musk has been urging people to vote for Texas Attorney General Ken Paxton, saying, “The fate of Texas and America is at stake.”
But more’s at stake even than that. Here’s this week’s United Nations Environment Programme report (titled, with more wit than usual for these things, The Point of Return) about just how far we’re overshooting the Paris climate accords. What it demonstrates is that the election of President Donald Trump plays an outsized role in keeping us from having a fighting chance. The venerable Seth Borenstein of The Associated Press headlined his story (a lesson for other headline writers) “US Is a Big Reason for the World Losing Ground in the Fight Against Climate Change, UN Report Says.”
In just a year, the projections for how much temperatures will rise even if governments keep their pledges has risen by two tenths of a degree Celsius—on a world where every tenth of a degree pushes another 140 million human souls into a dangerously hot zone. Here’s how Borenstein described it:
If all the countries do what they promise to reduce heat-trapping emissions, Earth will likely still warm another 2.2°F (1.2°C) above current temperatures, according to Wednesday’s update of climate calculations by the United Nations Environment Programme. That’s about two-tenths of a degree Fahrenheit (0.1°Ce) more than last year’s projections by the same science team.
“This is a worse outcome than expected last year, as a result of the formal withdrawal of the United States of America from the Paris Agreement and revised estimates of historical emissions,” the report said. The report also blames the United States for increased emissions last year, saying all the other top 20 major economies reduced their carbon pollution or at least slowed the growth in how much carbon dioxide was spewed from the burning of coal, oil, and gas.
“In terms of magnitude, the increase in the United States of America (133 megatons of CO2 equivalent) far exceeded that of all other countries and was driven by increased electricity demand and a rebound of coal power generation,” the report said. The 124 countries that increased emissions—not counting the 63 that decreased like most European nations—added 189 million tons of carbon dioxide in 2025, and 70% of that increase came from the US, according to the report.
Almost nobody who voted for Trump in 2024 thought (or, to be frank) cared that this would be the outcome. But that’s what happens on a world that is far too finely balanced. So we fight as hard as we can.
And we do it with some real champions in contention.
Brad Lander, for instance—Ayana Johnson just released the excellent conversation the two of us had with the soon-to-be New York representative, who will enter Congress as probably its most knowledgeable member about the connection between climate and finance. (Lander, to his immense credit, was detained by Israeli Defense Forces Wednesday for helping protect Palestinians who wanted to harvest their olives in the face of violence from West Bank settlers. He’s now safely out).
Or Justin Pearson. The Tennessee state rep, who led opposition to the Byhalia Pipeline and to Elon Musk’s Memphis AI pollution factory, seemed to have an inside track for a congressional seat until the Supreme Court gutted the Voting Rights Act this summer—Tennessee immediately redistricted to try and turn its congressional delegation lily-white. But Pearson is putting up a creditable fight in his Trump +20 district. As Katherine Burgess reports, analysts say:
Pearson’s longstanding opposition to data centers and other industrial polluters gives him credibility as he challenges [Brent] Taylor, who was an early supporter of Colossus 1 and received $10,000 in campaign funding from a political action committee associated with SpaceXAI.
Or in New York’s Hudson Valley, where embattled GOP incumbent Mike Lawler has been trying to save his seat with an attack on New York City’s congestion pricing law. As Charles Komanoff points out, he’s not very good at math:
Since Trump launched his war on Iran, the 260,000 households in NY-17 have coughed up $102 million more for gasoline—$390 per household—than they would have paid in the absence of the war. That collective toll, if you will, exceeds by 75% the $58 million they’ve paid in New York congestion charges (including surcharges on cab rides) since congestion pricing commenced in early 2025 (again, see the methodology below).
I’m hopeful Lawler’s opponent, Cait Conley, can beat him—she’s a West Point grad with three Bronze Stars.
Indeed I’m hopeful in lots of places—but I’m afraid to hope too. At this point our job is just to run through the tape, doing our level best wherever we are to win the last possible votes. (And then defend the election). If you have some money to spare, find a race to help. (The Environmental Voter Project is a good place to start). If you have some hours to spare, spend them phone banking. Work as if the planet depends on it, because sadly it does.
"Trump and his anti-AI regulation posture is dragging the party to a politically suicidal place," said one Democratic strategist.
American voters' antipathy toward Big Tech companies has become a central theme of campaigns in the 2026 midterm elections, according to an analysis published by The Guardian on Thursday.
The Guardian noted that hundreds of midterm campaign ads attacking data centers have aired over the past two months, with both Republicans and Democrats accusing one another of being pawns of the artificial intelligence industry.
"And it’s not only data centers," The Guardian added. "The public anxiety over AI and distaste for the billionaires developing it, as well as backlash over encroaching tech like surveillance cameras, has turned the tech industry into a ubiquitous villain this election cycle."
Silicon Valley has become a punching bag for politicians even as Big Tech moguls have been throwing record sums of money to elect politicians sympathetic to their needs.
Super political action committees (PACs) "funded by tech billionaires are among the top spenders in this election cycle," The Guardian explained. "Leading the Future, formed by OpenAI president Greg Brockman and venture capitalist Marc Andreessen, has raised more than $75 million to back tech-friendly candidates. [SpaceX CEO] Elon Musk has sunk $366 million into Republican causes, more than he spent on the 2024 presidential election."
Much of the Big Tech money has been going toward Republican candidates this cycle, even though the industry has traditionally had close ties with elected Democrats.
Texas Democratic US Senate candidate James Talarico in recent days has been trying to turn Big Tech money being spent against him into an advantage, highlighting in particular the outsize role that Musk is playing funding the campaign of his Republican rival, Texas Attorney General Ken Paxton.
After Musk on Wednesday used his platform X to declare that "there is something deeply wrong with Talarico," the Texas Democrat quickly returned fire.
"There is something deeply wrong with a political system," Talarico wrote, "that allows one trillionaire to buy his own personal US senator."
A report published by The Atlantic on Monday examined how the tech industry's embrace of President Donald Trump during his second term has given Democrats an incentive to pummel the industry, particularly when polls show a bipartisan hostility to AI data centers.
In fact, Democratic strategists told The Atlantic that data centers have proven to be a top wedge issue capable of getting normally loyal GOP voters to think twice before voting for a Republican candidate.
"Trump and his anti-AI regulation posture is dragging the party to a politically suicidal place,” Democratic strategist Rob Flaherty told The Atlantic. "They are grabbing the wrong side of an 80–20 issue at exactly the wrong time."
Democratic strategists started pushing the party to take a more populist approach toward the tech industry when polling data "showed surprising concern about AI" even in traditionally conservative rural districts, The Atlantic reported.
Rishi Bharwani, US director of tech regulation advocacy group Reset Tech, said much has changed since Democrats under former President Barack Obama embraced the industry as a positive force for society.
“What we all experienced was a ton of growth in the tech sector, the creation of numerous new billionaires, and even the world’s first trillionaire," said Bharwani, "and a bunch of working families basically recognizing that they’re not sharing. These tech companies are actually undermining their economic security and their safety."
Let us count the many reasons.
One of few silver linings of these dark Trump times is that much of what had been hidden has now been exposed.
I’m referring specifically to where the power lies in our system—power to decide how most Americans live and work. This exposure is having a huge effect on American attitudes. It may even lead to a fundamental political realignment along with major reforms.
To summarize: America hates the billionaire barons of Big Tech.
Let me start with some historic context, then discuss how this affects the most pressing issues in the 2026 campaign, and finally suggest some likely outcomes.
I. The First Gilded Age’s Robber Barons and the Second Gilded Age’s Billionaire Barons of Big Tech
The first Gilded Age, which stretched from the late 1870s to around 1900, featured “robber barons” who lived like kings while corrupting the federal and state governments with bribes to get whatever they wanted from pliant legislators.
Today’s second Gilded Age is led by the billionaire barons of Big Tech, who are similarly living like kings while corrupting our democracy.
Just three billionaires have donated more than $600 million to Republican candidates in the 2026 midterms, an all-time record.
One of them—Elon Musk—sank more than a quarter of a billion dollars into getting Trump elected in 2024 and is sinking even more into the 2026 midterms.
In return, Trump has allowed Musk to extend his monopoly on satellite communications, financed largely by taxpayers—even giving him the power to disable Ukraine intelligence. Trump also allowed Musk’s DOGE to rampage through federal databases and gather information on every American.
Larry Ellison and his son, David, defanged CBS News and its flagship “60 Minutes” and kicked Trump critic and satirist Stephen Colbert off the air. In return, Trump has greenlit the Ellisons’ acquisition of a media empire stretching from Paramount to CNN, CBS and CBS News, TBS, TNT, MTV, Comedy Central, BET, Discovery, HBO, and TikTok.
Jeff Bezos gave Melania Trump a $40 million licensing fee for a puff documentary about her (with about $28 million going directly to her) and another $35 million for marketing the movie dud. Bezos also destroyed the integrity of the editorial page of The Washington Post by barring it from endorsing Kamala Harris in 2024 and from writing anything negative about capitalism under Trump.
In return, Trump has given Bezos and his Amazon carte blanche to monopolize online retailing along with federal contracts to provide cloud infrastructure for Immigration and Customs Enforcement (ICE) and the National Security Agency (NSA).
Tim Cook, CEO of Apple, gave $1 million to Trump’s inaugural fund and $25 million to Trump’s White House ballroom fundraising campaign, and he gave Trump personally a custom engraved glass and 24-karat gold base plaque. In return, Trump has given Cook and Apple critical exemptions from Trump’s sweeping tariffs, allowing them to import electronic components from China.
Mark Zuckerberg, CEO of Meta, also helped finance Trump’s inauguration and his ballroom, gave Trump $25 million to settle his lawsuit against Meta for suspending him from its platforms after the January 6, 2021, attack on the Capitol, rolled back content moderation and fact-checking on his platforms, and brought Trump loyalists into Meta’s leadership.
In return, Trump went along with Zuckerberg and Meta’s wish not to have a federal AI regulator but to rely on “self-policing” and to pressure European and other countries not to impose taxes on digital services.
II. The Billionaire Barons and AI
The billionaire barons of Big Tech are now investing more than $1 trillion of other people’s money and debt—along with taxpayer-financed subsidies—into AI. (Last year’s giant Trump-Republican tax cut featured major tax breaks for Big Tech, helping drive a big decrease in corporate tax payments even as AI spending soars.)
The billionaire barons are thereby exposing the US economy to the largest gamble since Wall Street’s wanton betting led to the 2008 financial crisis—threatening tens of millions of jobs, putting energy-guzzling data centers all around the nation, and posing a non-negligible threat to the survival of the human species.
The barons are also hastening climate change through the data centers’ exponential energy and water demands, along with the expansion and resurrection of fossil fuel infrastructure to power AI.
Tech giants’ self-reported greenhouse gas emissions have surged. Meta’s emissions jumped over 60 percent, Google’s rose nearly 50 percent, Amazon’s increased by 33 percent, and Microsoft’s by more than 23 percent—almost entirely driven by building and expanding data centers.
The billionaire barons of Big Tech are also among the biggest beneficiaries of Trump’s war in Iran, through their ownership of advanced AI.
Peter Theil’s Palantir is powering the US military's targeting and data operations through its Maven Smart System platform, which processes massive streams of satellite, drone, and intelligence data.
Billionaires Palmer Luckey, Brian Schimpf, and Trae Stephens are behind Anduril, which provides major counter-drone defense systems used to intercept Iran’s low-cost Shahed drones. Billionaires Larry Page’s and Sergey Brin’s Google—along with billionaire Sam Altman’s OpenAI and billionaires Eric Schmidt and Dario Amodei’s Anthropic—are providing advance AI models and technology for military planning, intelligence, and counter-drone operations.
III. Will History Rhyme?
By the first decade of the 20th century, Americans had had enough of the brazen inequalities and corruption that characterized the first Gilded Age. A wave of reforms—antitrust laws, progressive taxation, pure food and drug regulation, bans on corporate political activities—blocked much of what the robber barons had been doing.
Then, after the Great Crash of 1929 and the ensuing Great Depression, the nation ensured that the barons could no longer wreak havoc on America. Labor laws, securities laws, unemployment insurance, the minimum wage, the 40-hour workweek, and additional taxes on high incomes were enacted, laying the basis for the prosperity of the post-World War II era.
Are we on the precipice of another age of reform?
Perhaps. A new Politico poll shows that Americans are fed up with the billionaire robber barons of Big Tech—and Republicans are likely to take most of the political blame on Election Day.
The top tax priorities for voters, according to the poll, are hiking taxes on billionaires and curbing tax breaks for big companies.
Nearly half of respondents—47 percent—called Republicans the party of tech tax breaks, more than double the 21 percent who said the same for Democrats. Voters are also far more likely to want candidates who propose stripping away tax incentives for the data centers needed to fuel the AI boom.
About a fifth of respondents said that ending those tax breaks would be among their most important tax issues in the midterms (only 1 in 10 wanted to offer new preferences for data centers).
A majority of respondents thought that tech chief executives have been secretive about the potential risks of AI, while a plurality of Americans believe both that the risks of artificial intelligence development outweigh the benefits and that the government should strictly regulate AI.
It’s impossible to know whether the upcoming midterms elections will reflect these sentiments or, even if they do, whether these sentiments will find their way into subsequent legislation.
But—given the polls, and also what I’m hearing informally from around the nation—it seems likely to me that high on the nation’s emerging progressive agenda will be busting up Big Tech monopolies, getting big money out of our politics, enacting a wealth tax, putting guardrails around AI, seeking to reverse climate change, and preventing billionaires from creating and owning media empires.
I can’t say precisely when we’ll see these enacted, but I’m confident we will see them. America hates the billionaire barons of Big Tech, with good reason.
Will powerful banks, corporations, and the ultrarich double down on authoritarianism and runaway inequality? Or will they recognize that America works best when it works for all of us not just the wealthy few?
At a time of great crisis for American democracy, when oligarchy, authoritarianism and billionaire corruption have run rampant, there are a few signs of hope.
Thousands of business leaders nationwide are signing the Business for Democracy Pledge, calling on our federal government to ensure free and fair elections and seating of newly-elected lawmakers without interference or violence.
Groups like the Center for Popular Democracy and May Day Strong are calling on businesses large and small to sign the pledge.
We will never agree with everything that banks and bankers say and do. But we’ll be in New York City today to demand that they do the right thing...
Renowned economist and educator Gabriel Zucman and his colleagues have issued a groundbreaking call for a worldwide minimum 2% wealth tax on billionaires to address pressing human needs and reduce extreme inequality and oligarchy.
Unions and organizing groups are pushing for state billionaire taxes in California, Illinois and New York, while working to elect members of Congress who will pass a federal law in the United States.
Now it’s time for corporations and billionaires to decide where they stand.
It’s not enough for the ultra-rich to merely fund charitable causes. That doesn't cut it when the political and economic systems they’ve created leave millions of Americans struggling to afford healthcare, put food on the table, and keep their families together.
It’s time for something new.
There’s a real opportunity for these powerful institutions to use their influence differently.
And growing public pressure, all across the country and all around the world, is making it harder for corporations and billionaires to remain on the sidelines.
Will they double down on authoritarianism and runaway inequality?
Or will they recognize that America works best when it works for all of us, when democracy functions fairly, when our voices are heard and counted, when our government builds prosperity for all rather than the fortunes for a few.
Tech billionaires like Elon Musk and hedge fund managers like Ken Griffin have made their positions clear, with hundreds of millions in campaign cash to Trump’s MAGA Republicans and attacks on efforts to fairly tax wealth in California and New York.
In New York City today, JP Morgan Chase and the Robin Hood Foundation are bringing nine billionaires, the head of public policy at Meta, and President Donald Trump’s handpicked Treasury Secretary Scott Bessent to their annual “investors conference” —and we will be there to confront them.
We will demand that JPMorganChase CEO Jamie Dimon and the billionaire fund managers associated with the Robin Hood Foundation stand for democracy and fairness.
These leaders should reject the path to more authoritarianism and more government corruption.
They should all sign the Business for Democracy pledge, and they should all agree to support fair and progressive tax policies to reduce extreme inequality and prevent oligarchy.
There’s reason to hope that they will.
Dimon has opposed Trump before, resigning from Trump’s business council after Charlottesville, closing Trump’s accounts after the January 6 coup attempt, and speaking out against Trump on tariffs and on the independence of the Federal Reserve.
And Robin Hood donors have supported poverty-fighting policies and organizations opposed by Trump and MAGA Republicans, demonstrating some understanding of solidarity and the common good.
We will never agree with everything that banks and bankers say and do. Today, we’ll be in New York City to demand that they do the right thing—we call on all New Yorkers to join us.