Tech Billionaires Pour Record Money Into Trump-Backed Midterms as Voter Support Crumbles
While most voters are deserting Donald Trump, a handful of tech magnates are boosting his 2025-2026 midterm campaign with unprecedented cash.
In a detailed column, senior editor Alex Shephard describes a growing rift between the American electorate and the Trump movement. Polls show Trump lagging badly among young voters and two-thirds of Latino respondents, while his approval among traditional Republican bases is also slipping. Despite this, the campaign’s fundraising has surged, with more than one-third of the $2.8 billion earmarked for the 2025-2026 midterms originates from just 20 top donors.
The primary motive for these donors, many from Silicon Valley, is to shield their businesses from prospective Democratic regulatory and antitrust actions. Notable contributors include Elon Musk, who is spending hundreds of millions to back Republicans, Greg Brockman and his spouse with a $25 million AI-focused donation, Andreessen and Horowitz’s $18 million pledge, and the Winklevoss twins’ $11 million support alongside the Fairshake super PAC’s $99 million war chest. Shephard argues that this elite funding is sustaining a movement increasingly out of step with the broader public.
Why it matters
The story shows how a small group of tech elites can shape U.S. elections despite widespread voter opposition to Trump.
How this story developed
- Sep 10 Trump vows $5,000 payout to adults if GOP controls Congress
- Sep 10 Several GOP lawmakers publicly questioned the feasibility and fiscal impact of the dividend.
- Sep 11 Texas Democratic gubernatorial candidate Gina Hinojosa voiced support for a universal $5,000 payout while insisting it should not be conditioned on the midterm results.
- Sep 14 Rep. Mike Lawler said a funding source must be identified for the proposed payout.
- Sep 16 The Federal Reserve announced a quarter-point increase in its benchmark rate, marking the first hike since the previous administration and the first under Chair Kevin Warsh.
- Sep 16 The Fed announced a quarter‑point increase to its key interest rate.
- Sep 17 Fed increased the federal funds rate by 25 basis points to a 3.75‑4 percent target range in its first hike since 2023, with a 12‑0 vote.
- Sep 18 Fed officials indicated that at least one more 0.25‑point rate increase may be implemented before year‑end.
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