The 2022 US midterm elections have become a high-stakes showdown, with both major parties and their wealthy supporters pouring unprecedented sums of money into the race. As the campaigns enter the final stretch, the latest campaign finance reports reveal the staggering scale of the financial arms race, with billions of dollars flowing into a wide array of political action committees, super PACs, and other outside groups.

Titans of Industry Wield Outsized Influence

Elon Musk's Massive Donations to Pro-Trump Super PAC

The world's richest man, Elon Musk, has emerged as a major financial force in this election cycle, plowing nearly $44 million in October into a super PAC working to restore former President Donald Trump to the White House. This latest burst of spending brings Musk's total donations to the group he established to benefit the former president to nearly $119 million.Musk's outsized influence extends beyond just the presidential race, as he has also written checks totaling $12.3 million to other super PACs mostly supporting efforts by Republicans to take control of the Senate. This marks a significant shift for the tech magnate, who had previously made relatively modest donations to federal candidates, backing a mix of Democrats and Republicans.

Other Heavyweight Donors Backing Trump and GOP

Musk is not the only deep-pocketed donor throwing their weight behind Trump and Republican candidates. Midwestern packaging magnate Richard Uihlein has contributed another $6.5 million this month to the super PAC he steers – Restoration PAC, which has been spending heavily in support of Trump's candidacy. Uihlein, whose family helped found Schlitz Brewing, has long backed conservative, anti-establishment candidates and has emerged as one of the biggest financial backers to pro-Trump efforts this cycle.Uihlein's wife, Elizabeth, also donated $3 million in October to another pro-Trump group, Preserve America, which has been largely funded by billionaire Miriam Adelson, a physician and widow of casino mogul Sheldon Adelson. Ronald Cameron, who oversees poultry-producing giant Mountaire Farms, contributed $2 million to Preserve America as well.

Tech Titans Throw Their Weight Behind Harris

While the Republican side has seen a surge of billionaire support, the Democratic camp has also attracted significant financial backing from the tech industry. Facebook co-founder Dustin Moskovitz gave $25 million to the pro-Harris super PAC Future Forward in the first half of October, bringing his total giving to the group to $38 million.However, a substantial portion of the nearly $90 million collected by the pro-Harris super PAC over the period – a total of $40 million – came from Future Forward's nonprofit arm, which does not disclose its donors, obscuring from the public the identity of some of Harris' backers.

Cheney Breaks Ranks to Support Harris

The new filings also reveal an unexpected alliance, with Liz Cheney, the former Wyoming congresswoman who has broken with her fellow Republicans to back Harris, donating $2.5 million on October 8 to American Bridge 21st Century, a leading Democratic research and rapid response group working to help the vice president.

Trump's Legal Woes Drain Campaign Funds

Even as Trump raises money for his presidential campaign, his political operation continues to underwrite the former president's legal bills. Between October 1 and 16, Save America, the former president's leadership PAC, spent $3.9 million on "legal consulting," with the lion's share of the money, nearly $3.3 million, going to Robert & Robert, the firm representing Trump in his appeal of a civil fraud judgment in New York.

Spending Spree Ahead of Election Day

The last-minute burst of spending by the nation's wealthiest individuals and corporations underscores the high stakes of this election, as both candidates and their aligned political operations went on a spending spree this month – burning through more than half a billion dollars combined during the first half of October as they jockey for advantage ahead of Election Day.While Harris has outspent Trump in recent weeks, the former president's campaign has been buoyed by a surge of support from deep-pocketed donors, including Musk, Uihlein, and others. However, Harris' blistering fundraising pace and larger financial cushion may give her a crucial edge in the final days of the race, as she continues to outspend Trump on the airwaves in key battleground states.As the nation heads to the polls, the influence of these billionaire backers will undoubtedly shape the outcome of this high-stakes election, with the future of the country hanging in the balance.