US election spending suffers diminishing returns
SPY•Spending on the 2026 US midterm elections is expected to reach $11.6 billion, including nearly $6 billion for TV ads. Elon Musk has spent $445 million through mid-October, while the cryptocurrency industry has spent nearly $180 million across more than 100 races.
1. Record campaign spending
Political candidates are expected to spend more on campaigns this year than the annual GDP of Montenegro. Tracker AdImpact estimates total election advertising at $11.6 billion, with nearly $6 billion going to television commercials.
2. Crypto and Musk spending
The cryptocurrency industry spent $130 million in 2024 to defeat political opponents and elect supporters, but its priority Clarity Act did not pass. Bitcoin has fallen 36% from its peak to about $78,000. The industry has spent nearly $180 million across more than 100 races this cycle, with the most directed at defeating Ohio Democratic Senate candidate Sherrod Brown, who is polling ahead.
3. Musk backs Republicans
Musk had spent $445 million on the 2026 elections through mid-October, including $145 million for Texas Republicans. The article says his companies' government contracts and national security concerns could help explain his interest in limiting scrutiny from Democrats. It also notes that crypto interests are supporting Democrats as well as Republicans.
