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Billionaire Elon Musk has spent approximately $366 million to bolster the Republican Party ahead of the 2026 US midterm elections. The massive spending injection is aimed at helping Republicans overcome challenges including declining support for former President Donald Trump and widespread voter concerns over rising costs of living. Musk's record spending represents one of the largest individual financial commitments to a political party in recent US electoral history and underscores the significant role of billionaire political funding in contemporary American campaigns.