Mega donors are betting big on Republicans ahead of the 2025-2026 election cycle

2.8 billion dollars - roughly 27.3 billion kroner - has been collected for the Republicans and Democrats during the 2025-2026 election cycle. More than a third comes from ultra-wealthy mega-donors. And they lean unusually heavily towards the Republicans, according to a compilation by the Financial Times.

16 of the 20 biggest donors have directed their money to Donald Trump's party. Among them are many luminaries from Silicon Valley and Wall Street, such as Elon Musk and Open AI co-founders Greg and Anna Brockman. At the top of the list, however, there is one exception: Financier and philanthropist George Soros, who donated $102 million to the Democrats.

Some donors on the list fund specific political candidates. Others direct their money to interest groups, organizations and industries, such as cryptocurrency trading. A small group of billionaires use political committees, so-called super pacs, to direct the money directly to the elections in the House of Representatives and the Senate, according to the FT.

About $400 million has been donated to Maga Inc, the super pac that backed Donald Trump's 2024 presidential campaign.

That the Red Party appeals to dollar billionaires is nothing new. But now the excess weight is greater than usual.

Dag Blanck, senior professor of North American studies at Uppsala University, sees several possible reasons for this. One of them is about the shift in the tech industry. Demands for regulation of the industry have caused Silicon Valley to put its trust in the Republicans, where it hopes to get more support and more freedom.

- Previously, many of the tech billionaires supported the Democrats, but after Trump's return, they have rallied behind him and now also behind the Republican Party. This confirms that development, he says.

Another explanation could be that many Republican mega-donors realized the importance of winning the mid-term elections to protect their interests. Until now, Congress has had a Republican majority. If the Democrats take over the majority in either house, it would mean it for Donald Trump.

- Then you can block a lot that the president wants to implement, says Dag Blanck.

Democrats can also make it difficult for Trump in other ways. The party can, for example, use the control function of Congress to initiate investigations into how the rest of the political system behaves, including the presidency. If there is a majority in the House of Representatives, the Democrats can also direct impeachment resolutions against the president.

- Investigations would become problematic and attract a lot of attention, says Dag Blanck and continues:

- Trump would not be impeached because a two-thirds majority in the Senate is required. But the process could begin in the House of Representatives.

Why there aren't more megadonors who direct their support to the Democrats for the same reason is more difficult to answer, according to Dag Blanck. But it is clear that the political money matters.

- The donations are used to run the campaign, not least advertising of various kinds on television and online. It is very important for visibility and impact.