Also during Q2, Musk gave less than half a million dollars to the political action committee he founded, America PAC.
At age 55, Musk's wealth stands at $861 billion, per the Bloomberg Billionaires Index. His personal wealth ballooned after he took SpaceX public last month.
The Ohio governor's race rating shifted from "Lean Republican" to "Toss-Up" according to the Cook Political Report. Ramaswamy faces Democrat Amy Acton.
Musk failed to reply to a request for comment sent by email. America PAC's representatives chose not to provide a statement.
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This marks a steep decline from the $290 million he poured into supporting Donald Trump's and other GOP candidates' campaigns during the 2024 election, when he became the largest presidential campaign donor.
Following Trump's election victory in November 2024, Musk stated that his PAC would remain active.
"Normally, PACs go somewhat dormant after a big election," he said in a social media post on X. "America PAC is going to do the opposite and keep grinding, increasing Republican registrations in key districts around the country, in preparation for special elections and the midterms."
Although Musk has contributed about $50 million to America PAC during the 2025-2026 period, the committee has not yet made any ad buys this year, AdImpact reports. According to Meta Platforms Inc.'s ad library, America PAC currently runs zero active ads on Facebook or Instagram.
This cycle, Musk also donated $10 million each to two pro-Republican groups: the Senate Leadership Fund and the Congressional Leadership Fund. In January, Musk contributed $10 million to a PAC called Fight for Kentucky, which supported Republican Senate hopeful Nate Morris. That candidate left the race in May following Trump's request that he drop out.
Musk has also started making political donations in Texas, the state he now calls home. In January, he gave $500,000 to a group called the Texas Senate Leadership Fund, and $2 million to "Texans for Lawsuit Reform," a major tort reform PAC. A $1 million donation to the Judicial Fairness PAC followed in April.
Because he is the world's wealthiest individual and served as the public face of the Department of Government Efficiency, Musk's name may hurt candidates who accept his donations. After the 2010 Supreme Court decision Citizens United permitted unlimited election spending by corporations and nonprofits, "dark money" has become an increasing portion of campaign finance. Nonprofit organizations, the usual vehicles for dark-money contributions, are not required to reveal their donors.
It remains uncertain if Musk has used dark-money channels this cycle, but a 2024 Wall Street Journal report indicated he previously gave to such groups. According to that report, Musk channeled $50 million into ads by the dark-money organization Citizens for Sanity, which ran in key swing states during the 2022 midterm elections.
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