Musk is back at the centre of US politics ahead of the 2026 midterm elections, after mending ties with Trump and resuming large donations to Republican candidates. After briefly signalling a retreat, the billionaire has reopened his cheque book.
Tesla chief and the world’s richest man, Elon Musk, has re-emerged at the centre of US politics ahead of the 2026 midterm elections, after repairing his relationship with President Donald Trump and resuming large-scale donations to Republican candidates.
After signalling last year that he would step back from politics to focus on his business empire, Musk is once again opening his cheque book and reviving his political machinery, signalling a renewed effort to shape the electoral landscape.
He has already donated $10 million this year to a Republican Senate candidate, and his previously strained ties with Trump now appear to have eased significantly.
A familiar role as mega donor
During the 2024 election cycle, Musk was the country’s largest known political donor, spending nearly $300 million to back Trump and other Republican candidates. His renewed activity suggests he is once again set to play a major role in shaping Republican campaign strategy ahead of the midterm polls.
The billionaire has also largely dropped earlier suggestions of launching a new political party, instead signalling a renewed focus on exerting influence within the existing two-party system.
From ‘first buddy’ to budget cutter
Musk’s rise as the so-called “first buddy” of the POTUS became one of the most unusual and turbulent political stories of 2025. His prominent role in the administration later gave way to a souring relationship, marked by personal attacks and public spats on social media.
As Trump began his first year back in the White House, Musk was appointed to lead the newly created “Department of Government Efficiency”, tasked with spearheading an aggressive drive to cut federal spending.
Radical ideas behind closed doors
A major donor to Trump’s 2024 campaign, Musk claimed DOGE could slash as much as $2 trillion from the federal budget. Privately, however, he reportedly entertained far more radical ideas.
According to The New York Times, Musk told guests at a Republican fundraising dinner in 2023 that government bureaucracy could be rapidly reduced by granting him direct access to federal computer systems.
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