Musk Reportedly Funding GOP Campaigns Ahead Of 2026 Midterms, Staying Away From Initiative To Create Third Party

Elon Musk is funding campaigns for Republican congressional candidates after tensions with Donald Trump thawed in the past months, according to a new report.

Musk has been giving money to different candidates and is set to continue doing so throughout 2026, Axios detailed. The amounts won't be disclosed until campaign finance reports are released in January.

The outlet noted that Musk, the richest person in the world, was the biggest donor in the 2024 election cycle, giving over $291 million, most of it to boost Trump's reelection.

The report further illustrates Musk's truce with Trump and Republicans following their public feud earlier this year, with the Tesla CEO even beginning a push to create a new political party.

However, Musk stopped the effort to stay on the good side of prominent Republicans, especially Vice President JD Vance, who he plans to back in the 2028 election. Forming the "America Party," he said, would harm his relationship with the heir apparent of the MAGA movement.

The Wall Street Journal in August quoted people close to Musk, who claimed the billionaire told them that he would rather focus on his companies instead of pulling voters away from the GOP. However, he has not completely ended the project and will make a decision based on how the 2026 midterms go, the outlet added.

Axios had already reported in late July that Musk had "read the room," not taking visible steps to create the party.

Longtime Tesla analyst Dan Ives, on his end, said Musk has "read the room" and noted that shareholders "don't want him in politics."

"The Trump experiment gone bad with Musk was a significant dark time for Tesla shareholders," he added. Ives believes Musk will still spend money to back candidates but not as part of an effort to launch a third party.

Another development related to the party took place earlier that month, when conservatives criticized Musk over rumors that he might choose former Vice President Mike Pence to lead the party.