▲ Tesla and SpaceX CEO Elon Musk
Tesla and SpaceX CEO Elon Musk, the world's richest person, has been recorded as having spent more money than anyone else in U.S. history on an election in which he himself was not running, ahead of the U.S. midterm elections held on November 3 (local time).
According to The New York Times (NYT), Musk has spent a total of $474 million (approx. 636 billion won) on federal and state-level political organizations since last year, despite not being a candidate for the Senate, House of Representatives, or governor.
It is effectively a roll of the dice on this midterm election.
Musk has poured a massive amount of money into the Republican Party, the ruling party to which President Donald Trump belongs.
Musk ranks by far as number one among Republican donors.
He has served as a strong financial backer, supporting Republican candidates for the Senate, House, and governorships across the board.
Under U.S. campaign finance laws, corporations and individuals face limits on how much they can contribute directly to individual candidate campaigns using conventional political funds, but they can donate unlimited amounts through "super PACs" (political action committees).
Super PACs do not give funds directly to specific candidates, but instead support them independently through TV ads or phone campaigns.
The legal foundation for super PACs was established by the 2010 U.S. Supreme Court ruling in Citizens United and the U.S. Court of Appeals ruling in SpeechNow.
The former permitted independent political expenditures by corporations and others, while the latter eliminated contribution limits for political organizations that engage solely in independent spending.
Musk's political spending is taking place within the framework of current laws.
However, concerns that lawful political participation combined with vast sums of money could undermine the fairness of democracy are a separate issue.
It also highlights the limitations of the system, given that the immense wealth of a single individual can sway the direction of an election.
There are also political risks for Musk.
Amid projections that the Democratic Party could defeat the Republican Party in these midterms, the Democrats are reportedly preparing to target Musk as a major Republican donor for targeted investigations.
In response, Musk recently posted on the social media platform X (formerly Twitter), "Those picking a fight with me should know that I will track down and punish not just the puppets, but the ones pulling the strings behind them."
This appeared to be a warning regarding the possibility of political retaliation from the Democrats.
He is a figure whose trademarks are "quirky ideas" and "unpredictable tendencies."
Even taking these traits into account, his erratic political moves are not easy to understand.
Above all, questions are growing over what a business tycoon like him aims to gain by taking such a gamble in these midterm elections.
It is worth taking a close look at Musk's core businesses, which include Tesla, SpaceX, xAI (artificial intelligence), and Neuralink.
Most of these businesses hold government contracts and are under the influence of heavy government regulations.
While Democrats are relatively strict regarding autonomous driving and AI safety regulations, Republicans are aggressive about deregulation.
If the Republican Party takes control of Congress, it could open a path for Musk to ease regulations to his liking, whereas a Democratic victory would inevitably heighten risks.
The wealth tax and corporate tax hikes promoted by the Democrats are also factors that could burden Musk, who is a "trillionaire."
These are points that help gauge his choices.
While the U.S. systematically permits lobbying and political contributions, it does not protect the exchange of undue favors during that process.
Often referred to as a "war of money," U.S. election results can trigger shockwaves both inside and outside the United States, drawing the attention of people around the world.
Musk has staked 600 billion won, entrusting a substantial part of his business and political future to the Republican Party.
If the Democratic "blue wave" victory predicted by some becomes reality, a blow to him seems inevitable.
The election results are expected to answer the question of "how much political influence can be bought with money," making the outcome all the more intriguing.
(Photo: Getty Images)
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