The Billionaires Behind the Most Expensive Midterm Election in History

marsbitPublished on 2026-05-11Last updated on 2026-05-11

Abstract

"The Most Expensive Midterm Elections and Their Billionaire Backers" This analysis details the unprecedented scale of spending in the 2026 midterm elections, highlighting the key billionaire donors shaping the political landscape. Jeff Yass, founder of Susquehanna International Group, has contributed over $81 million, ranking third among individual donors behind George Soros ($102.6M) and Elon Musk ($84.8M). Yass is a major donor to Trump's MAGA Inc. and supports school choice and various candidates. Overall, federal committees have raised over $4.7 billion this cycle, with political ad spending projected to reach $10.8 billion. Republican-aligned groups are significantly out-raising their Democratic counterparts. "Dark money" from undisclosed sources continues to grow. The core stakes involve control of Congress and policy direction for Trump's final term. Donors are also motivated by specific issues: Sergey Brin and Chris Larsen are funding opposition to a proposed California wealth tax and supporting crypto-friendly policies. Other top donors include OpenAI's Greg Brockman and his wife Anna ($50M total to MAGA Inc. and an AI-focused PAC), Richard Uihlein ($45.3M to conservative causes), venture capitalists Marc Andreessen and Ben Horowitz (each over $44M to crypto/AI PACs and MAGA Inc.), Miriam Adelson ($42.6M to GOP leadership PACs), Paul Singer ($33.9M), and Diane Hendricks ($25.8M to MAGA Inc.). The article notes that the peak fundraising period is still ahead, with ...

Written by: Amanda L. Gordon, Biz Carson, Bill Allison, Bloomberg

Compiled by: Saoirse, Foresight News

Jeff Yass, the billionaire founder of market-making firm Susquehanna International Group, has been frequently active this election season, donating over $80 million to midterm candidates and related political causes so far.

According to data compiled by Bloomberg News, this donation amount ranks third among individual donors this election cycle, behind only George Soros and Elon Musk. While Soros and Musk's donations primarily flowed to their respective super PACs, Jeff Yass is a major donor to Trump's MAGA Inc., while also directly funding a wide array of other recipients.

His donations cover his key areas of interest—including a $15 million donation to the School Freedom Fund, which advocates for school choice—as well as numerous political candidates, such as a $20 million contribution to a federal PAC supporting Ohio gubernatorial candidate Vivek Ramaswamy.

He also directed funds to some niche political causes, including a $675,000 donation to the Aurora Action Network, which seeks to repeal ranked-choice voting in Alaska, far from his home state of Pennsylvania. Yass did not respond to requests for comment.

With a net worth of $83.8 billion according to the Bloomberg Billionaires Index, Yass is just one player in this, the most expensive midterm election in history, as an analysis of big donors shows.

Bloomberg's analysis shows federal political committees have raised over $4.7 billion from individuals, companies, dark money groups and other entities this election cycle, a figure that doesn't include donations at the state and local levels. Political ad tracker AdImpact projects spending on political ads alone will reach $10.8 billion, a more than 20% increase from 2022.

Business Tycoons Plunging into U.S. Politics

Top individual donors to federal committees (total) in the 2026 election cycle

So far, the bulk of the big money is flowing into Republican coffers: The Republican party and its allied super PACs for the Senate and House, along with Trump's political committee and MAGA Inc., raised a combined $917 million in the first quarter.

That was 3.5 times the $262 million raised by the Democratic National Committee and its Senate, House, and allied super PACs. However, in overall campaign fundraising, Democratic candidates are still outraising their Republican counterparts.

And that's just the traceable money. "Dark money"—political donations routed through nonprofits that don't have to disclose their funding sources—has played an increasing role in recent elections and is expected to do so again in 2026.

At the core of this money race is the battle for control of Congress and the direction of policy during the final two years of a Trump presidency. But for the super-rich writing the checks, there are equally pressing issues at stake: whether California will implement a billionaire tax, what regulatory rules will govern the AI and cryptocurrency industries, and the outcomes of local elections across states.

Google co-founder Sergey Brin has poured more than $60 million into California over the past four months, largely to oppose a proposed wealth tax. Ripple co-founder Chris Larsen has also spent millions fighting the billionaire tax proposal, while donating to organizations seeking to shape the state's political landscape; his company also gave $48.5 million to the pro-crypto PAC Fairshake.

Illinois Governor and potential 2028 presidential candidate JB Pritzker donated $10 million to a PAC helping the state's Lieutenant Governor, Juliana Stratton, who has won the Democratic nomination for the state's Senate seat.

The peak fundraising period is still ahead, with key primaries in May and June, including the fight for Mitch McConnell's Senate seat in Kentucky and the competitive California gubernatorial race.

Some top donors from previous elections have remained quiet so far, and more billionaires are expected to join the ranks of top donors as the Nov. 3 election approaches.

For example, Citadel founder Ken Griffin, a key donor in the 2018 and 2022 elections, has kept a low profile this midterm. His current donations are focused on Republican-aligned state political committees in Florida, where he moved his family home and business four years ago.

The following are the billionaires who have given the most to federal political committees so far in this midterm election cycle. All individuals on the list either did not respond to interview requests or declined to comment.

Details on Top Donors

George Soros

Illustration: 731; Source: Getty Images

Total Donated: $102.6 million

Key Recipients: $102 million to Democracy PAC; $265,500 to the Democratic Senatorial Campaign Committee; $250,000 to the Democratic Congressional Campaign Committee.

Influence: The 95-year-old Soros, a long-time political activist and funder of progressive causes, operates through foundations, PACs, and nonprofits linked to Democratic and liberal causes. His Democracy PAC, run by his son Alex, funds the Working Families Party and progressive candidates in district attorney races; his wholly-funded 501(c)(4), the Fund for Policy Reform, also put $10 million into California's redistricting fight.

Elon Musk

Illustration: 731; Source: Bloomberg

Total Donated: $84.8 million

Key Recipients: $50 million to America PAC; $10 million to Fight for Kentucky PAC; $10 million each to the Senate Leadership Fund and the Congressional Leadership Fund.

Influence: The Tesla and SpaceX co-founder is a full-throated backer of the Trump second-term camp, even as his relationship with the president has had its ups and downs, and he plans to stay deeply involved. Operating independently, he's put the bulk of his money into his own America PAC while also giving big to mainstream PACs helping Republicans win House and Senate seats. A key motivation for the 54-year-old Musk's continued political involvement is to boost ally JD Vance's potential 2028 presidential bid. As a first step, he backed Nate Morris, who shares the vice president's views, in the Republican primary for Mitch McConnell's Senate seat in Kentucky, though Morris dropped out last week.

Jeff Yass

Illustration: 731; Photographer: Eddie Maluk

Total Donated: $81.8 million

Key Recipients: $20 million to V-PAC, supporting Ohio gubernatorial candidate Vivek Ramaswamy; $16 million to MAGA Inc.; $15 million to the School Freedom Fund.

Influence: The founder of trading firm Susquehanna International Group is one of the largest individual donors to Trump's core fundraising vehicle, MAGA Inc. Yass's business interests align closely with the president's agenda: Trump last year halted a push to ban TikTok in the U.S., and Yass and his firm hold a stake in TikTok parent ByteDance. The 67-year-old prefers to highlight his support for school-choice PACs and candidates. "I've found a way that can work to lift tens of millions of kids out of poverty," he told The Washington Post.

Greg Brockman & Anna Brockman

Photo Illustration: 731; Source: Getty Images

Total Donated: $50 million combined ($25 million each)

Key Recipients: $25 million to Leading the Future; $25 million to MAGA Inc.

Influence: OpenAI co-founder Greg Brockman and his wife Anna are key donors to Trump's super PAC, while also giving to the AI-focused Leading the Future PAC. Trump invited the Brockmans to a dinner with Saudi Crown Prince Mohammed bin Salman in November. The 38-year-old Greg Brockman plans to increase his support for Leading the Future this year, saying the shift in public sentiment makes backing AI-friendly candidates a crucial move for humanity's future.

Richard Uihlein

Total Donated: $45.3 million

Key Recipients: $39.6 million to Restoration of America PAC; $4 million to Fair Courts America; $1 million to Northwoods Future PAC, which is backing Michael Alfonso, son-in-law of Transportation Secretary Sean Duffy, for a Wisconsin House seat.

Influence: The 80-year-old heir to the Schlitz beer fortune, a hardline conservative and co-founder of packaging company Uline, is the primary funder of the Restoration of America PAC, which focuses on election integrity, a strong military, anti-abortion policies, and backing conservative candidates. He also advocates for looser regulations on the long-haul trucking industry, arguing current rules place an undue burden on truckers.

Marc Andreessen

Photo Illustration: 731; Source: Getty Images

Total Donated: $44.7 million

Key Recipients: $25 million to Leading the Future; $11.9 million to Fairshake; $6 million to MAGA Inc.

Influence: The 54-year-old Andreessen, previously a bipartisan donor who backed Barack Obama in 2008, publicly endorsed Trump in July 2024 after clashing with Joe Biden over crypto and AI regulation. The Silicon Valley venture capitalist frequently speaks with Trump on the phone and is involved in shaping federal tech policy. Beyond his personal 2024 donation to Trump's campaign, his firm has backed two super PACs: Fairshake for crypto and Leading the Future for AI.

Ben Horowitz

Photo Illustration: 731; Source: Getty Images

Total Donated: $44.4 million

Key Recipients: $25 million to Leading the Future; $11.9 million to Fairshake; $6 million to MAGA Inc.

Influence: During the 2024 presidential race, Ben Horowitz and his partner Marc Andreessen hedged their bets by backing Trump over tech policy. He has typically leaned Democratic and also supported Kamala Harris's campaign as a personal friend. Since then, the 59-year-old Horowitz has focused his giving more on specific issues, with the bulk of his money this cycle going to AI and crypto-related PACs, while also giving millions to MAGA Inc. and six-figure sums to the Senate Leadership Fund PAC.

Miriam Adelson

Photo Illustration: 731; Source: Getty Images

Total Donated: $42.6 million

Key Recipients: $30 million to Senate Leadership Fund; $10 million to Congressional Leadership Fund; $1 million to Security is Strength PAC, supporting South Carolina Senator Lindsey Graham.

Influence: The 80-year-old Israeli-American physician, Miriam Adelson, and her late husband, casino magnate Sheldon Adelson, were steadfast Trump supporters, with Miriam personally giving $95 million in 2024. The couple also deeply influenced the Trump administration's Israel policy, such as pushing for the move of the U.S. embassy to Jerusalem.

Paul Singer

Photo Illustration: 731; Source: Getty Images

Total Donated: $33.92 million

Key Recipients: $14.5 million to Senate Leadership Fund; $8 million to Congressional Leadership Fund; $2.5 million to the United Democracy Project, linked to pro-Israel lobby AIPAC.

Influence: The activist money manager, initially skeptical of Trump, backed Nikki Haley in the 2024 Republican primary before aligning with the Trump second-term camp, particularly on support for Israel, a hard line on Iran, and tackling antisemitism on college campuses. The 81-year-old Singer has also given to PACs in key House races, including two groups working to oust Kentucky Republican Thomas Massie, who has drawn Trump's ire for supporting the release of Jeffrey Epstein-related files and voting against aid to Israel in 2023.

Diane Hendricks

Photo Illustration: 731; Source: Getty Images

Total Donated: $25.79 million

Key Recipients: $25 million to MAGA Inc.; $413,000 to the Republican National Committee; $182,000 to Defend Our Majority, which backs House Republican candidates.

Influence: The 79-year-old Diane Hendricks, Wisconsin's richest person and co-founder of building materials distributor ABC Supply, is a long-time conservative donor to Republican candidates. She backed then-Governor Scott Walker's presidential bid in 2016 before pivoting to Trump. Trump appointed her to a national economic policy council during his first term. This year, she also attended the Winter Olympics closing ceremony as part of the presidential delegation.

Research Methodology

Bloomberg News compiled filings with the Federal Election Commission for donations of $10,000 or more from individuals and entities to parties and political action committees from Jan. 1, 2025, through March 31, 2026.

Donor names were standardized. The tally includes individuals, corporations, dark-money groups, trade associations, unions, state political committees and Native American tribes. If a joint fundraising committee attributed split donations to its members, they were counted as such.

Large donations from entities were also checked for the individuals behind them. Transfers between joint fundraising committees and beneficiary committees were excluded to avoid double counting.

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What is AGENT S

Agent S: The Future of Autonomous Interaction in Web3 Introduction In the ever-evolving landscape of Web3 and cryptocurrency, innovations are constantly redefining how individuals interact with digital platforms. One such pioneering project, Agent S, promises to revolutionise human-computer interaction through its open agentic framework. By paving the way for autonomous interactions, Agent S aims to simplify complex tasks, offering transformative applications in artificial intelligence (AI). This detailed exploration will delve into the project's intricacies, its unique features, and the implications for the cryptocurrency domain. What is Agent S? Agent S stands as a groundbreaking open agentic framework, specifically designed to tackle three fundamental challenges in the automation of computer tasks: Acquiring Domain-Specific Knowledge: The framework intelligently learns from various external knowledge sources and internal experiences. This dual approach empowers it to build a rich repository of domain-specific knowledge, enhancing its performance in task execution. Planning Over Long Task Horizons: Agent S employs experience-augmented hierarchical planning, a strategic approach that facilitates efficient breakdown and execution of intricate tasks. This feature significantly enhances its ability to manage multiple subtasks efficiently and effectively. Handling Dynamic, Non-Uniform Interfaces: The project introduces the Agent-Computer Interface (ACI), an innovative solution that enhances the interaction between agents and users. Utilizing Multimodal Large Language Models (MLLMs), Agent S can navigate and manipulate diverse graphical user interfaces seamlessly. Through these pioneering features, Agent S provides a robust framework that addresses the complexities involved in automating human interaction with machines, setting the stage for myriad applications in AI and beyond. Who is the Creator of Agent S? While the concept of Agent S is fundamentally innovative, specific information about its creator remains elusive. The creator is currently unknown, which highlights either the nascent stage of the project or the strategic choice to keep founding members under wraps. Regardless of anonymity, the focus remains on the framework's capabilities and potential. Who are the Investors of Agent S? As Agent S is relatively new in the cryptographic ecosystem, detailed information regarding its investors and financial backers is not explicitly documented. The lack of publicly available insights into the investment foundations or organisations supporting the project raises questions about its funding structure and development roadmap. Understanding the backing is crucial for gauging the project's sustainability and potential market impact. How Does Agent S Work? At the core of Agent S lies cutting-edge technology that enables it to function effectively in diverse settings. Its operational model is built around several key features: Human-like Computer Interaction: The framework offers advanced AI planning, striving to make interactions with computers more intuitive. By mimicking human behaviour in tasks execution, it promises to elevate user experiences. Narrative Memory: Employed to leverage high-level experiences, Agent S utilises narrative memory to keep track of task histories, thereby enhancing its decision-making processes. Episodic Memory: This feature provides users with step-by-step guidance, allowing the framework to offer contextual support as tasks unfold. Support for OpenACI: With the ability to run locally, Agent S allows users to maintain control over their interactions and workflows, aligning with the decentralised ethos of Web3. Easy Integration with External APIs: Its versatility and compatibility with various AI platforms ensure that Agent S can fit seamlessly into existing technological ecosystems, making it an appealing choice for developers and organisations. These functionalities collectively contribute to Agent S's unique position within the crypto space, as it automates complex, multi-step tasks with minimal human intervention. As the project evolves, its potential applications in Web3 could redefine how digital interactions unfold. Timeline of Agent S The development and milestones of Agent S can be encapsulated in a timeline that highlights its significant events: September 27, 2024: The concept of Agent S was launched in a comprehensive research paper titled “An Open Agentic Framework that Uses Computers Like a Human,” showcasing the groundwork for the project. October 10, 2024: The research paper was made publicly available on arXiv, offering an in-depth exploration of the framework and its performance evaluation based on the OSWorld benchmark. October 12, 2024: A video presentation was released, providing a visual insight into the capabilities and features of Agent S, further engaging potential users and investors. These markers in the timeline not only illustrate the progress of Agent S but also indicate its commitment to transparency and community engagement. Key Points About Agent S As the Agent S framework continues to evolve, several key attributes stand out, underscoring its innovative nature and potential: Innovative Framework: Designed to provide an intuitive use of computers akin to human interaction, Agent S brings a novel approach to task automation. Autonomous Interaction: The ability to interact autonomously with computers through GUI signifies a leap towards more intelligent and efficient computing solutions. Complex Task Automation: With its robust methodology, it can automate complex, multi-step tasks, making processes faster and less error-prone. Continuous Improvement: The learning mechanisms enable Agent S to improve from past experiences, continually enhancing its performance and efficacy. Versatility: Its adaptability across different operating environments like OSWorld and WindowsAgentArena ensures that it can serve a broad range of applications. As Agent S positions itself in the Web3 and crypto landscape, its potential to enhance interaction capabilities and automate processes signifies a significant advancement in AI technologies. Through its innovative framework, Agent S exemplifies the future of digital interactions, promising a more seamless and efficient experience for users across various industries. Conclusion Agent S represents a bold leap forward in the marriage of AI and Web3, with the capacity to redefine how we interact with technology. While still in its early stages, the possibilities for its application are vast and compelling. Through its comprehensive framework addressing critical challenges, Agent S aims to bring autonomous interactions to the forefront of the digital experience. As we move deeper into the realms of cryptocurrency and decentralisation, projects like Agent S will undoubtedly play a crucial role in shaping the future of technology and human-computer collaboration.

662 Total ViewsPublished 2025.01.14Updated 2025.01.14

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