The midterm elections have already cost Elon Musk more than $60 billion, and the figure continues to rise, according to a Financial Times report. The massive expenditure underscores Musk's deep financial involvement in US political processes during the 2026 election cycle. Musk's spending on midterm races has drawn significant attention as it represents one of the largest private financial commitments to electoral politics in recent memory. The escalating costs highlight the growing influence of ultra-wealthy individuals in shaping American political outcomes.