Elon Musk is spending half a billion dollars on November’s election. It isn’t working

Republicans are heading into the midterm election with a massive headwind, dragged down by a weak economy, skyrocketing prices and a deeply unpopular president.

But at their back is the world's richest man and his enormous chequebook.

Elon Musk has spent $A524 million on trying to get Republicans elected in the midterm elections.

His spending includes money for ads, leaflets and paid canvassers doorknocking homes across the country.

Musk's campaign organisation is focusing on activating conservative voters with messages about transgenderism.

Musk has an estranged transgender daughter who has been vocal in her criticism of him.

His ads also routinely describe Democrats as being "radicals" and "socialists".

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And his spending has not gone unnoticed by elected Democrats.

“Elon Musk has spent over $270 million to rig the midterms in his favour,” Representative Mark Pocan said.

"He and the rest of the billionaire class cannot be allowed to meddle in our elections."

Democratic candidates are substantially outraising Republicans in many races, but politicians can only raise about $A5000 from any one donor in a general election.

Instead billionaires are flooding the airwaves with donations to outside groups - with Musk giving more than anyone else.

But if the polling is any indication, Musk's spending isn't working.

Democrats are now favoured to win the House and Senate, with indications they’ll pick up seats in deep-red territory.

And central to their campaigns are the influence of billionaires in the Trump administration.

“The reason poverty exists in the wealthiest country on Earth is not because we can’t feed the poor. It’s because we can’t satisfy the rich,” Texas Democratic Senate candidate James Talarico said.

"(Elon Musk is) about to make more money than every elementary school teacher in America combined.

"Why do we have a trillionaire when there are kids that don't have enough to eat."

Much of the spending of billionaires is motivated less by social issues and more by their own hip pocket.

Many Democrats are campaigning on raising taxes on the very rich.

In California, a ballot proposal would impose a five per cent wealth tax on billionaires.

Ninety per cent of the funding would go to health programs and the remainder for education or food assistance.

Polling for the wealth tax proposal shows it has a chance of passing.

California has more billionaires than any other US state.

Musk is also deeply unpopular among American voters.

His approval rating plummeted at the start of 2025, when he literally brought a chainsaw to Washington in an effort to cut government spending.

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His Department of Government Efficiency (DOGE) was seen as a failure, with his spending cuts creating dysfunction across Washington. Government spending has only increased since DOGE was introduced.

But for all Musk's spending, it is a pittance of his net worth.

His spending this election accounts for just 0.04 per cent of his total wealth.

If Musk wanted to, he could buy every television ad spot on American airwaves, and it would be 20 years until he ran out of money.