The Billionaires Behind the Most Expensive Midterm Election in History
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The Billionaires Behind the Most Expensive Midterm Election in History
Wealthy individuals from various sectors are vying for influence in politics, and the crypto community has quietly joined this contest.
Navigating Web3 tides with focused insightsBy Amanda L. Gordon, Biz Carson, Bill Allison, Bloomberg
Translated by Saoirse, Foresight News
Jeff Yass, billionaire founder of market-making firm Susquehanna International Group, has emerged as a major player in this election cycle, donating over $80 million to midterm candidates and related political causes.
According to data compiled by Bloomberg News, Yass ranks third among individual donors in this election cycle—behind only George Soros and Elon Musk. While Soros and Musk channel most of their contributions through their respective super PACs, Yass is one of the largest individual donors to Trump’s MAGA Inc., and also funds a wide range of recipients directly.
His donations span his priority policy areas—including a $15 million contribution to the School Freedom Fund, which advocates for school choice—as well as direct support for political candidates, such as a $20 million donation to the federal political action committee backing Ohio gubernatorial candidate Vivek Ramaswamy.
Yass has also backed more niche political efforts, including a $675,000 contribution to the Aurora Action Network, an organization seeking to repeal Alaska’s ranked-choice voting system—a state far removed from Yass’s home state of Pennsylvania. Yass has not responded to media requests for comment.
Per the Bloomberg Billionaires Index, Yass’s net worth stands at $83.8 billion. Yet he is just one participant in what is shaping up to be the most expensive midterm election in U.S. history.
Bloomberg analysis shows that federal political committees have raised over $4.7 billion from individuals, corporations, anonymous donor groups, and other entities during this election cycle—a figure that excludes state- and local-level contributions. Election advertising research firm AdImpact estimates total political ad spending will reach $10.8 billion, up more than 20% from 2022.
Corporate Titans Dive Deep Into U.S. Politics
Top Individual Donors to Federal Committees in the 2026 Election Cycle (Total Amount)
So far, the bulk of large donations has flowed into Republican coffers: the Republican Party, Senate and House-linked super PACs, and Trump’s political committees—including MAGA Inc.—raised $917 million in Q1 alone.
That sum is 3.5 times the $262 million raised by the Democratic National Committee, its Senate and House committees, and associated super PACs during the same period. However, overall fundraising by Democratic candidates still exceeds that of their Republican counterparts.
These figures reflect only traceable political contributions. So-called “dark money”—donations routed through nonprofit organizations not required to disclose their funders—has continued to grow as a share of political giving in recent election cycles, and that trend is expected to persist in 2026.
At stake in this financial arms race is control of Congress—and thus the policy direction of Trump’s final two years in office. But for these mega-donors, equally urgent personal issues are on the line: whether California will enact a billionaire tax; how artificial intelligence and cryptocurrency industries will be regulated; and the outcomes of key state-level elections.
Sergey Brin, Google co-founder, has spent over $60 million in California over the past four months opposing a proposed wealth tax. Ripple co-founder Chris Larsen has similarly invested millions to fight billionaire tax proposals while donating to organizations seeking to influence California politics; his company also contributed $48.5 million to Fairshake, a pro-cryptocurrency political action committee.
Illinois Governor JB Pritzker—a potential 2028 presidential contender—donated $10 million to a political action committee supporting Juliana Stratton’s campaign for Illinois lieutenant governor. Stratton has secured the Democratic nomination for a seat in the Illinois State Senate.
Key primary elections—including the Senate race to succeed Mitch McConnell in Kentucky and the highly competitive California gubernatorial contest—are scheduled for May and June. The peak fundraising period has yet to arrive.
Some top donors from prior election cycles remain low-key. As Election Day—November 3—approaches, new billionaires are expected to join the ranks of top donors.
For example, Ken Griffin, founder of hedge fund Citadel, was a central donor in both the 2018 and 2022 elections but has maintained a lower profile this cycle. His current contributions are largely directed toward Florida-based Republican state political committees, following his relocation of both family residence and corporate operations to the state four years ago.
Below is a list of the wealthiest individuals who have donated the most to federal political committees so far in this midterm election cycle. None of those named responded to media interview requests—or declined to comment outright.
Top Donor Profiles
George Soros
Illustration: 731; Photo source: Getty Images
Total Donations: $102.6 million
Major Recipients: $102 million to Democracy PAC; $265,500 to the Democratic Senatorial Campaign Committee; $250,000 to the Democratic Congressional Campaign Committee.
Impact Analysis: At 95, Soros has long been active in politics and progressive causes, deploying resources through foundations, political action committees, and nonprofit organizations aligned with Democrats and liberals. His Democracy PAC—run by his son Alex—supports the Working Families Party and progressive district attorney candidates. His wholly funded 501(c)(4) organization, the Fund for Policy Reform, committed $10 million to redistricting battles in California.
Elon Musk
Illustration: 731; Source: Bloomberg
Total Donations: $84.8 million
Major Recipients: $50 million to America PAC; $10 million to Fight for Kentucky PAC; $10 million each to the Senate Leadership Fund and the Congressional Leadership Fund.
Impact Analysis: The Tesla and SpaceX co-founder strongly backs Trump’s second-term campaign—even amid occasional friction between the two men—and plans deep, sustained involvement in U.S. politics. Musk operates independently, directing much of his funding to his own America PAC, while also making large contributions to mainstream Republican super PACs supporting Senate and House candidates. A key driver for the 54-year-old’s political engagement is promoting ally JD Vance’s 2028 presidential ambitions. As an initial step, Musk backed Nate Morris—who shares the vice president’s views—in the Kentucky Senate race against Mitch McConnell, though Morris withdrew from the GOP primary last week.
Jeff Yass
Illustration: 731; Photographer: Eddie Maluck
Total Donations: $81.8 million
Major Recipients: $20 million to V-PAC, supporting Ohio gubernatorial candidate Vivek Ramaswamy; $16 million to MAGA Inc.; $15 million to the School Freedom Fund.
Impact Analysis: Founder of trading firm Susquehanna International Group, Yass is one of the largest individual donors to Trump’s core fundraising vehicle, MAGA Inc. His business interests closely align with Trump’s policy agenda: when Trump halted plans to ban TikTok in the U.S. last year, Yass and his firm held shares in TikTok’s parent company, ByteDance. The 67-year-old prefers to emphasize publicly his support for school-choice PACs and candidates. In an interview with The Washington Post, he said: “I’ve found a way to help millions of children escape difficult circumstances.”
Greg Brockman & Anna Brockman
Illustration: 731; Source: Getty Images
Total Donations: $50 million combined ($25 million each)
Major Recipients: $25 million to Leading the Future; $25 million to MAGA Inc.
Impact Analysis: OpenAI co-founder Greg Brockman and his wife Anna are core donors to Trump’s super PAC—and also contribute to Leading the Future PAC, focused on AI policy. Last November, Trump invited the Brockmans to a dinner with Saudi Crown Prince Mohammed bin Salman. The 38-year-old Greg Brockman plans to increase his support for Leading the Future this year, saying shifting public sentiment makes backing AI-friendly candidates a critical issue for humanity’s future.
Richard Uihlein
Total Donations: $45.3 million
Major Recipients: $39.6 million to Restoration of America PAC; $4 million to Fair Courts America; $1 million to Northwoods Future PAC, which supports Michael Alfonso—the son-in-law of Transportation Secretary Sean Duffy—in his Wisconsin State Assembly bid.
Impact Analysis: At 80, Richard Uihlein is heir to the Schlitz beer fortune, a hardline conservative, and co-founder of office supply company Uline. He is the principal funder of Restoration of America PAC, which focuses on election integrity, strengthening national defense, anti-abortion policies, and electing conservative candidates. He also advocates loosening federal regulations on long-haul trucking, arguing current rules burden the freight industry excessively.
Marc Andreessen
Illustration: 731; Source: Getty Images
Total Donations: $44.7 million
Major Recipients: $25 million to Leading the Future; $11.9 million to Fairshake; $6 million to MAGA Inc.
Impact Analysis: The 54-year-old Andreessen, historically a bipartisan donor, supported Barack Obama in 2008. In July 2024, after clashing with Joe Biden over crypto and AI regulation, he publicly endorsed Trump. This Silicon Valley venture capitalist frequently speaks with Trump and participates in shaping federal tech policy. Beyond his personal 2024 donations to Trump’s campaign, his firms back two major super PACs: Fairshake (focused on cryptocurrency) and Leading the Future (focused on AI).
Ben Horowitz
Illustration: 731; Source: Getty Images
Total Donations: $44.4 million
Major Recipients: $25 million to Leading the Future; $11.9 million to Fairshake; $6 million to MAGA Inc.
Impact Analysis: During the 2024 presidential election, Ben Horowitz and partner Marc Andreessen backed Trump on tech policy grounds, adopting a dual-track strategy. Horowitz has traditionally leaned Democratic and previously supported Kamala Harris personally. Since then, the 59-year-old has shifted toward issue-specific giving: most of his current cycle contributions flow to AI- and crypto-focused PACs, while also providing multi-million-dollar support to MAGA Inc. and making six-figure donations to the Senate Leadership Fund PAC.
Miriam Adelson
Illustration: 731; Source: Getty Images
Total Donations: $42.6 million
Major Recipients: $30 million to the Senate Leadership Fund; $10 million to the Congressional Leadership Fund; $1 million to Security is Strength PAC, supporting South Carolina Senator Lindsey Graham.
Impact Analysis: The 80-year-old Israeli-American physician Miriam Adelson and her late husband Sheldon Adelson—casino magnate—have long been steadfast Trump supporters. In 2024 alone, Miriam Adelson donated $95 million. The couple also profoundly influenced Trump administration policy toward Israel, including moving the U.S. embassy to Jerusalem.
Paul Singer
Illustration: 731; Source: Getty Images
Total Donations: $33.92 million
Major Recipients: $14.5 million to the Senate Leadership Fund; $8 million to the Congressional Leadership Fund; $2.5 million to the United Democracy Project—an initiative linked to pro-Israel lobbying group AIPAC.
Impact Analysis: The activist asset manager initially doubted Trump and backed Nikki Haley in the 2024 GOP primaries. He later aligned with Trump’s second-term platform—particularly on pro-Israel policies, a hardline stance toward Iran, and combating antisemitism on college campuses. The 81-year-old Singer has also funded PACs targeting key House districts—including two groups jointly attempting to oust Kentucky Republican Representative Thomas Massie, whom Trump criticized for advocating disclosure of Jeffrey Epstein-related documents and voting against aid to Israel in 2023.
Diane Hendricks
Illustration: 731; Source: Getty Images
Total Donations: $25.79 million
Major Recipients: $25 million to MAGA Inc.; $413,000 to the Republican National Committee; $182,000 to Defend Our Majority, a PAC supporting Republican House candidates.
Impact Analysis: The 79-year-old Diane Hendricks is Wisconsin’s wealthiest resident and co-founder of building materials distributor ABC Supply. A longtime conservative donor to Republican candidates, she backed then-Wisconsin Governor Scott Walker’s 2016 presidential bid before switching allegiance to Trump. During Trump’s first term, she served on the President’s National Economic Council. This year, she attended the Winter Olympics closing ceremony as part of the presidential delegation.
Methodology Note
Bloomberg News compiled data from Federal Election Commission filings covering individual and institutional donations of $10,000 or more to parties and political action committees between January 1, 2025, and March 31, 2026.
Donor names were standardized. Contributions included those from individuals, corporations, anonymous donor groups, trade associations, labor unions, state political committees, and Native American tribal organizations. Where joint fundraising committees allocate contributions to individual members, official reporting designations were followed.
Large institutional contributions were also reviewed to identify underlying individual funders. To avoid double-counting, internal transfers from joint fundraising committees to beneficiary organizations were excluded.
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