President Donald Trump‘s political fundraising has amassed $375 million that could potentially reshape the upcoming midterms and future elections.
GOP Cash Hoard Dwarfs Democratic Funds
As per the new campaign finance disclosures submitted late Saturday, Trump’s political funds saw a dramatic surge in the latter half of 2025, which is unusual for a term-limited president. The money was raised via multiple avenues: $26 million through his joint fundraising committee, another $8 million contributed directly to his leadership PAC, and a super PAC affiliated with him that currently holds more than $300 million.
Combined with a network of campaign accounts, some directly controlled by him and others managed by the president’s close allies, the political war chest holds $375 million. According to POLITICO, the funds exceed those of any other political figure, Republican or Democrat, heading into 2026.
Trump’s use of the funds is not publicly disclosed, though most are funneled to his leadership PAC, Never Surrender, with some directed to the Republican National Committee and Vice President J.D. Vance‘s PAC, Working For Ohio.
Never Surrender spent $6.7 million from July to December, with over half going toward advertising, digital consulting, and direct mail, primarily for fundraising purposes.
Meanwhile, the Democratic National Committee holds just over $14 million in funds while carrying more than $17 million in debt.
Musk Donates Millions To GOP Super PACs
The disclosure also revealed that Tesla(NASDAQ:TSLA) CEO Elon Musk donated $10 million to two major Republican super PACs, $5 million each to the Congressional Leadership Fund and Senate Leadership Fund, at the end of 2025, marking his second round of contributions this cycle. Musk has been actively promoting Republican causes, including advocating for the SAVE Act Plus, which would tighten voter ID requirements and restrict mail voting. A previous Axios report suggested that Musk donated the money to Kentucky Senate race backing pro-Trump candidate, Nate Morris.
Previously, he was the largest individual donor in the 2024 election cycle, giving around $290 million, mainly in support of Trump, though he later clashed with the president over policy initiatives, particularly the One Big Beautiful Bill Act. Over the past few months, Trump and Musk seemed to have ironed out their differences.
Early last month, Musk warned that if Democrats take control, the U.S. could face a surge in illegal immigration and fraud, fundamentally altering the country.
“America is toast if the radical left wins….Won’t be America anymore,” the Tesla CEO wrote on X.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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