Michael Bloomberg has given about $80 million to Democratic candidates and political groups ahead of the Nov. 3 US midterm elections, while fellow billionaire Elon Musk and groups aligned with President Donald Trump have put hundreds of millions of dollars behind Republicans.
According to Billionaires Africa, Bloomberg’s donations are part of a late push to help Democrats win control of Congress and key governor’s races. His advisers said the money went out in September and October, with some still on the way. The donations are expected to appear in campaign finance filings in the coming weeks. That would make Bloomberg one of the largest known Democratic donors of the 2026 election cycle.
Musk, meanwhile, has poured $366 million into the 2026 election cycle, backing Republican candidates and political groups. Bloomberg is directing much of his own spending toward House races, with at least $50 million earmarked for the contests.
Bloomberg is betting big on Democrats taking back the House
He gave $24 million to Everytown for Gun Safety, the gun-control group he co-founded. He also gave $16 million to House Majority PAC, a super PAC aligned with House Democratic leader Hakeem Jeffries. His team says another $10 million will go toward those contests before Election Day.
“The extraordinary support from Mayor Bloomberg will once again help Democrats flip the House,” Jeffries said. Republicans currently hold a narrow majority in the chamber, but Democrats are favored to take control. Although many major donors have turned their attention to the Senate, where control is considered a toss-up, Bloomberg is prioritizing the House.
His longtime political adviser, Howard Wolfson, said Bloomberg wants Democrats to win a comfortable majority rather than the bare minimum needed to make Jeffries speaker. The difference between a 221-seat majority and a 230-seat majority matters to Bloomberg, Wolfson said.
“He believes in participation in our democracy,” Wolfson said. “He is of the view that resources matter in campaigns.” Wolfson also said Bloomberg is concerned about the party’s move to the left, particularly on Israel, and is not funding candidates backed by the Democratic Socialists of America.
His other donations since Sept. 1 include $5 million to a super PAC allied with the League of Conservation Voters and $3.5 million to a group that works to elect Democratic scientists and doctors. He also gave $2.5 million to a super PAC backing James Talarico, the Democratic Senate nominee in Texas. Another $2.5 million went to a super PAC supporting New York Governor Kathy Hochul’s re-election bid.
About $8 million is headed to Democratic candidates for governor in roughly six battleground states. One of his gifts this cycle backed Pennsylvania Governor Josh Shapiro, who is seeking a second term. Earlier this year, Bloomberg spent $11 million to help Micah Lasher win a crowded June primary for the Manhattan seat held by retiring Representative Jerrold Nadler.
This fall’s budget is close to what he spent in 2018, which his team sees as his most effective cycle. He pledged $80 million that year and spent more than $110 million, mostly through his Independence USA PAC. Twenty-one of the 24 House candidates he backed won, and Democrats took the chamber. He may hope for a similar result now, though Republicans have reportedly reserved a lot of ad time this fall.
He later spent more than $1 billion of his own money on a 2020 presidential run, which ended in March 2020. Bloomberg, 84, owns about 88% of Bloomberg LP and has an estimated fortune of $95 billion.
Published: Oct 21, 2026 03:57 pm