US midterm election campaign set to cost almost $12bn

The US midterm election campaign is projected to cost nearly $12 billion, making it the most expensive on record, according to the campaign‑finance tracker Open Secrets.

Open Secrets estimates total spending will reach $11.9 bn, about 30 % higher than the 2022 midterms. More than $9.5 bn had already been spent by mid‑October, with Super Political Action Committees (Super PACs) accounting for roughly $5.5 bn of that amount.

Key donors and spending patterns

Billionaire Elon Musk is the top individual donor, having contributed almost $500 m, largely through the America PAC he founded and the Senate Leadership Fund, with a focus on the Texas Senate race. Other major contributors include George Soros’s foundations ($102 m to liberal groups), former New York mayor Michael Bloomberg (over $60 m for Democrats), and Republican backers such as Jeff Yass and Richard and Elizabeth Uihlein, each giving more than $100 m.

Crypto firms Ripple and Coinbase together donated $63 m to Super PACs promoting industry interests. The top 40 donors have supplied $2.4 bn up to 14 October, a record for this stage of a midterm cycle.

Spending covers voter outreach, rallies, staff hiring and internal polling, with final totals to be reported to the Federal Election Commission after the election on 3 November.

Source: BBC News. Photo: cottonbro studio / Pexels.