Opinion: Arthur Herman Says Musk and Other Billionaires Are Backing Republicans Because They See Two Paths for America

In a Fox News column, Arthur Herman argues that the money pouring into this year's midterms reflects a clear choice, not a plot by the rich.

The money. Herman says Elon Musk has given more than $445 million to Republican candidates and causes this year. He calls Musk the biggest disclosed donor of the 2026 midterms and of any midterm cycle, and notes it dwarfs the $288 million Musk gave in 2024. He lists others: Ken Griffin of Citadel at least $40 million, Steve and Christine Schwarzman almost $32 million, the Uihlein family reportedly $124 million to its own PAC, and Diane Hendricks $25 million to MAGA, Inc. Marc Andreessen and Ben Horowitz are also major givers to MAGA, Inc.

The comparison. He cites The Washington Post for $1.7 billion from Republican-leaning mega-donors this cycle against $832 million from Democratic-leaning ones.

The case. Herman says critics who call the donors oligarchs are "tragically wrong." In his view the donors see two possible futures. One has tax cuts, energy, a strong military, a harder line on Iran, cuts to what the GAO says could be as much as $500 billion in federal fraud, American AI leadership and a rebuilt industrial base. The other, he writes, is a Democratic Party tied to "Medicare for All," spending that drove inflation up 21% in the Biden years, and corruption. He urges the 77 million Americans who voted for Trump in 2024 to vote again.

The other side. Herman notes that critics say Musk is acting out of fear of investigations by a Democratic-run Congress. The column does not say how much of the money goes to Senate races or answer why Democrats' donors, who gave less, are not part of the same story.

Note for readers: this is one writer's view, and the dollar figures are his and the sources he cites. Our earlier story on Musk's warning about a Democratic sweep is on the site.