Tesla and SpaceX Shares Surge... Musk to Pour USD 100 Million into Midterm Elections

A former "trillionaire" and the world's richest person, Tesla and SpaceX CEO Elon Musk, is expected to pour a massive amount of money into the Republican Party ahead of the midterm elections coming up this November.

Musk is reportedly set to fully reactivate the super PAC "America PAC," through which he poured approximately USD 239 million out of a total of over USD 270 million to support Donald Trump during the 2024 U.S. presidential election.

At the time, Musk set a record as the largest individual political donor in U.S. history to support a single election.

The New York Times (NYT), citing multiple anonymous sources, reported that Musk has approved spending more than USD 100 million on a new field program for America PAC ahead of the midterm elections.

America PAC is expected to actively operate in battleground Senate and House districts, with plans to focus on Senate races in five states including Alaska and Iowa, while races in North Carolina and Georgia are also reportedly under consideration for support.

America PAC will be overseen by Musk's political adviser, Chris Young, and will play a role in encouraging voter turnout through door-to-door canvassing, digital advertising, and mailers.

During the 2024 presidential election, America PAC reportedly visited over 10 million households across more than six swing states to encourage voting.

Musk had previously tried to help Trump by holding town hall meetings leveraging his fame.

Although he previously hinted at scaling back his support after the defeat in the 2025 Wisconsin Supreme Court election, suggesting that his public involvement had backfired, he appears to be stepping up to the rescue once again by releasing massive funds ahead of this midterm election.

With President Trump's approval ratings declining due to issues such as the war with Iran and economic problems, and forecasts suggesting that the opposition Democratic Party could retake the House of Representatives in the midterms, Musk's support is expected to be a major boost for the Republican Party.

Reported by Kim Taewon | Video by Ahn Jun-hyeok | Graphics by Yook Do-hyun | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.