US election spending suffers diminishing returns
TSLA•Spending on 2026 US midterm campaigns is estimated at $11.6 billion, including nearly $6 billion for TV advertising. Elon Musk had spent $445 million by mid-October, while the cryptocurrency industry has spent nearly $180 million across more than 100 races.
1. Record campaign spending
More money has been allocated to advertising for this year’s midterm congressional races than during the 2024 presidential election. Political candidates are expected to spend $11.6 billion in total, including nearly $6 billion on TV commercials.
2. Musk and crypto spending
Elon Musk had spent $445 million on the 2026 elections through mid-October, including $145 million for Republicans in Texas. The cryptocurrency industry has spent nearly $180 million across more than 100 races, with the most money directed at defeating Ohio Democratic Senate candidate Sherrod Brown.
3. Political gains and limits
Crypto interests spent $130 million in 2024 to defeat political opponents and elect supporters, including unseating Brown. The industry’s push for the Clarity Act failed, and Brown is polling ahead as he seeks to return to the Senate. The article says Musk’s political spending risks greater scrutiny of his companies from Democrats.
