Musk Donates Over KRW 370 Billion to U.S. Republicans Despite Trump's Falling Approval Rating
Republicans' campaign funds nearly double Democrats'
Trump's approval rating plunges, falling to 30%
Elon Musk, CEO of Tesla, donated more than KRW 370 billion to Republicans ahead of next month's U.S. midterm elections. Analysts say the donation, one of the largest ever, is strengthening his position as a major Republican donor despite a decline in U.S. President Donald Trump's approval rating.
According to CNN on Oct. 12 (local time), a spokesperson for America PAC, a political action committee founded by Musk, said he had donated at least $276 million since July to support candidates in the midterm elections. Of that amount, $158 million went to the Senate Leadership Fund, a super PAC that supports Republican Senate candidates.
The large donations have once again made Musk the biggest donor to Republicans since 2024. Musk donated more than $300 million to help Trump win the 2024 presidential election. He later led the Department of Government Efficiency (DOGE) in Trump's second administration, spearheading efforts to cut government spending. However, after resigning from his DOGE post in late May 2025, he said he would sharply reduce his political spending, and he and Trump and the Republican Party were at odds for a time.
Bolstered in part by Musk's large donations, Republicans are said to have raised nearly twice as much in political contributions as Democrats. According to CNN, as of the end of August, Republicans had $1.1 billion in campaign funds, compared with $600 million for Democrats.
Analysts say the large donations may have followed a recent improvement in the relationship between Trump and Musk. Last week, Trump also awarded Musk the National Medal of Science.
Hot Picks Today
Chey Tae-won's One Remark Sends Stocks Soaring to 'Limit-Up'... This Stock Jumps Despite SK hynix's 3% Drop
- "Only healthy seniors welcome - get sick and leave?"... Senior welfare housing, this eligibility rule is changing
- "Now We're in Our 30s and 40s, and My Husband's the Only One Still Going Strong?" ... Women Tire First While Shopping: What's Happening in Japan?
- "I Thought Only Koreans Were Crazy About It"... This Dish Ranks No. 1 in the World
- "'100% Cat Fur' - It Seemed Unbelievable, but It Was Real... Chinese Shopping Mall Rocked by Shocking Revelation"
Meanwhile, Trump and the Republican Party are expected to face an uphill battle in this midterm election amid declining approval ratings over the Iran war and inflation in the United States. A Pew Research Center poll released on Oct. 8 found that Trump's job approval rating had fallen to 30%.
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
