House Speaker Mike Johnson (R-La.) has reportedly held a meeting with billionaire Elon Musk, sparking discussions about possible financial backing for the GOP's midterm campaign.
Johnson informed senior House Republicans on Monday about his meeting with Musk in Austin the previous week, POLITICO reported on Tuesday. The meeting was also attended by other Republicans.
The speaker did not disclose whether Musk committed to donating during the Austin meeting. However, Republicans at the meeting interpreted it as a potential sign that Musk might financially back their campaign, according to the report.
Republican National Committee (GOP) did not immediately respond to MarketDash's request for comments.
Musk Prepares Major GOP Midterm Push
Musk played a key role in President Donald Trump's re-election bid in 2024, donating over $250 million to the Trump campaign. Despite a fallout with the Trump administration in 2025, Musk's ties with conservative politics have deepened.
The billionaire is expected to direct part of the more than $100 million he reportedly plans to spend in the midterm elections toward supporting House Republicans. His super PAC, America PAC, could also provide field organizing assistance and other campaign resources.
Musk also contributed roughly $5 million each to the Congressional Leadership Fund, Senate Leadership Fund and MAGA Inc. He also donated $10 million to a super PAC supporting former Kentucky Senate candidate Nate Morris and $5 million to V-PAC, which backs Vivek Ramaswamy's Ohio gubernatorial campaign.
In August, Trump announced plans to use a significant portion of MAGA Inc.'s $850 million political war chest to support Republican candidates in the challenging 2026 midterm election.
Meanwhile, Meta Platforms Inc. (META), Palantir Technologies Inc. (PLTR) and Paramount Skydance (PSKY) are reportedly strengthening ties with Democrats as Republicans face the prospect of losing House control in the 2026 midterms. Meta has donated to Democratic groups, while Paramount and Kalshi hired former Democratic aides.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.
