A Giant War Chest That Barely Moved
That is roughly what is happening inside Trump's super PAC, called MAGA Inc.
Since the start of 2025, the group has raised $380 million. Yet barely a fraction of that has actually gone to help Republican candidates in elections.
The reason? Trump has historically been unwilling to use his super PAC money to prop up other Republicans. His advisers have suggested he may hold back even more if the party looks likely to lose seats.
This pattern of minimal disbursements has not gone unnoticed, as party strategists note the missed opportunity to bolster vulnerable incumbents.
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The GOP has also avoided expensive primary fights this cycle, which saved cash for the general election. But with midterm races getting closer, the lack of spending stands out.
The GOP's Tough Map
Republicans are defending a lot of ground this year. Out of 18 House seats that nonpartisan analysts rate as toss-ups, 14 are held by Republicans. And in the Senate, 6 of the 9 most competitive seats belong to the GOP. That means Democrats need to flip only a handful to change control of either chamber.
On the other side of the ledger, Democrats' equivalent committees hold $355 million combined. That is less than MAGA Inc. alone, but Democratic candidates in tight races often have large fundraising advantages over their GOP opponents. So the cash gap is not as simple as it looks.
Spokesman Alex Pfeiffer told news outlets that MAGA Inc. is "committed to retaining and building the GOP majorities in the House and Senate." But the numbers so far tell a different story. The group has not booked any advertising time yet. That could change in September, when Republican House and Senate super PACs have already reserved $383 million in ad time starting that month.
What Happens to the Money Now
Many prominent figures have contributed to MAGA Inc. The donor list includes Miriam Adelson, Diane Hendricks, tech investors Marc Andreessen and Ben Horowitz, Jeff Yass, the operator of Crypto.com, and the Winklevoss twins. Richard Jackson, a Republican candidate for Georgia governor, even donated $1 million. Those people likely expect the money to be used for something that helps the party.
The bottom line: For investors, midterm elections matter because they can shift the policy landscape on taxes, regulation, and spending. Right now, the GOP has a massive financial weapon sitting in the closet. Whether it actually gets used - and where it lands - could reshape the races that determine control of Congress. That is worth watching, even if the checkbook stays closed a little longer.
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