Tech billionaires fuel Trump’s $429mn haul ahead of midterm elections

US midterm elections 2026Add to myFTGet instant alerts for this topicManage your delivery channels hereRemove from myFTTech billionaires fuel Donald Trump’s $429mn haul ahead of midterm electionsExecutives seeking regulatory relief help make lame-duck president a potent political force with record fundraisingThe haul of donations proves that Trump continues to dominate his party © 2026 Getty ImagesTech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on x (opens in a new window)Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on facebook (opens in a new window)Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on linkedin (opens in a new window)Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on whatsapp (opens in a new window) Save Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on x (opens in a new window)Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on facebook (opens in a new window)Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on linkedin (opens in a new window)Tech billionaires fuel Donald Trump’s $429mn haul ahead of midterm elections on whatsapp (opens in a new window) Save Joe Miller and Ian Hodgson in Washington, Paul Caruana Galizia in London PublishedFebruary 2 2026Jump to comments sectionPrint this pageUnlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump and his allies raised a record $429mn in donations last year, as tech billionaires and companies lobbying for policy changes helped build a war chest for the president ahead of the midterm elections.A single political action committee controlled by Trump allies, Maga Inc, is sitting on $304mn — more than any Pac has ever held heading into a midterm election year, FT analysis found. The sum is tens of millions more than any group connected to the Democratic party has on hand.The haul, highly unusual for a term-limited president who can no longer fund his own campaign, proves that Trump continues to dominate his party, even as polling shows some swing voters have soured on the president over his immigration crackdown and foreign interventions. It also underlines megadonors’ eagerness to bankroll an administration that has championed the crypto and AI industries, axed or eased regulations and ended legal probes into political allies.Trump has not indicated how he will deploy his financial firepower, but allies have already used separate funds to go after Thomas Massie, a Republican congressman who has clashed with the president over budget bills and the release of the Epstein files.Super Pacs such as Maga Inc can raise unlimited funds but cannot co-ordinate directly with campaigns. If Trump and his allies do decide to fund loyal candidates in the midterm elections, they have “a lot of money to potentially spend on a handful of competitive Senate and House races,” said Alex Conant, a Republican strategist. Trump could also use the funds “to make himself politically relevant after he leaves the White House,” Conant added. In the past few months, Maga Inc has raised tens of millions of dollars from the crypto and AI industries, as well as from investors and corporations with business before the White House.The largest disclosed contribution came from crypto exchange Crypto.com, which funnelled $30mn into Trump’s main Pac last year. An investigation into the company by the Securities and Exchange Commission, launched during the Biden administration, was closed in March 2025. Crypto.com has also inked several deals with crypto businesses run by Trump’s family.A spokeswoman for Crypto.com said the the company had been “engaged in discussions regarding the culmination of the SEC’s investigation against the company prior to President Trump’s inauguration” and an agreement had been reached during the Biden administration.The White House referred questions to Maga Inc, which said: “Thanks to President Trump’s leadership, Maga Inc will have the resources to help candidates who support President Trump’s America First agenda of securing our border, keeping our streets safe, supercharging our economy, and making life more affordable for all Americans.”Some content could not load. Check your internet connection or browser settings.Other significant donors included Greg Brockman, the co-founder and president of OpenAI, who gave $12.5mn to the group in December, while his wife Anna donated a further $12.5mn. Brockman has also backed a group lobbying for restrictions on state AI regulations and funding campaigns against candidates who favour stricter rules for the sector. He has visited the White House in recent months. A spokesperson for OpenAI did not immediately respond to a request for comment.In December, Brockman, who had never before spent large sums on politics, wrote that his contributions were made to show “support for policies that advance American innovation and constructive dialogue between government and the technology sector”.

Investor Jeff Yass, a long-time political donor, gave a total of $16mn to Maga Inc in 2025. His trading firm Susquehanna has a multi-billion dollar stake in ByteDance, the Chinese owner of TikTok, which the Trump administration helped tp avoid a US ban in a deal that favoured existing shareholders. Founders of venture capital powerhouse A16Z, Marc Andreessen and Ben Horowitz, each gave $3mn to Maga Inc last year. Their company has been at the forefront of lobbying efforts to pass legislation that would benefit crypto start-ups and has led efforts to thwart states from continuing to pass a patchwork of AI legislation.Trump signed an executive order in December ordering his administration to review state-level AI laws and threatening to withhold federal funds from states that pass “onerous” legislation. Andreessen celebrated its signing, writing “It’s time to win AI”.Yass and A16Z did not respond to requests for comment.Tobacco company RAI Services donated a total of $3mn to Maga Inc in 2025, after the Trump administration scrapped a Biden-era plan to ban menthol cigarettes and flavoured cigars. Extremity Care donated $5mn to Maga Inc last year, while its co-owners Scott Madden and Oliver Burckhardt also donated $2.5mn apiece. So did its affiliated companies Collie Paw Holding and Buco One.A Biden-era plan to limit Medicare coverage of paper-thin bandages made from human tissue was paused by the Trump administration soon after the donations. Extremity Care is a leading provider of the bandages.RAI Services and Extremity Care did not respond to requests for comment.More than $21mn of Maga Inc’s haul came from a group called Securing American Greatness, a so-called “dark money” group which does not disclose donors. Aside from attracting corporate donors, Trump has received donations from individuals looking for clemency. In one example, Julio Herrera Velutini, a Venezuelan-Italian banker charged with bribing Puerto Rico’s governor, was pardoned earlier this month after his daughter Isabela Herrera donated a total of $3.5mn to Maga Inc since Trump’s re-election. Velutini did not respond to a request for comment.Trump also remains by far the largest magnet for cash from individual donors. The president’s joint fundraising committee attracted tens of millions of dollars in donations made via WinRed in 2025, according to FEC records, eclipsing all other Republican fundraising vehicles.“Trump is the only thing that gets Republican voters excited,” strategist Conant said. “He is really the the motivating factor within the party right now and that is reflected in the fundraising.”Additional reporting by George Hammond in San FranciscoReuse this content (opens in new window) CommentsJump to comments sectionPromoted Content Follow the topics in this article US midterm elections 2026 Add to myFT Republican Party US Add to myFT Andreessen Horowitz Add to myFT OpenAI Add to myFT Greg Brockman Add to myFT Comments