Elon Musk is expected to back the GOP in next year's midterms with a financial package that could give the Republican Party a "huge boost."
Insiders speaking to Axios claim the Tesla CEO could offer his support to Donald Trump and the Republican Party at the 2026 election, despite previously saying he would create a third party. Musk had enjoyed a close relationship with the Trump administration at the start of this year, though it soon soured. The president and Musk were spotted dining together alongside Cristiano Ronaldo recently, and it appears their relationship has been mended, Axios reported.
It appears the dinner did wonders for how Musk feels about the GOP and Trump, with insiders suggesting the money donated to the party's election efforts could be a massive aid.
Axios reported, "The tech billionaire recently cut big checks to help Republicans win congressional races next year and indicated he'd give more throughout the 2026 cycle." Musk had invested big in Trump's re-election campaign in 2024, throwing $291 million at the ultimately successful re-election effort.
Musk had also played a part in the first months of Trump's second term, founding the Department of Government Efficiency, which he later admitted did not achieve its aims. Appearing on the Katie Miller Podcast, Musk said the department was "a little bit successful" but did not appear to have achieved its whole aim.
He said, "We were a little bit successful. We were somewhat successful." The DOGE agency was given a two-year mandate by Trump to cut government spending. Musk had projected at the time he would cut around $2 trillion in spending.
DOGE struggled to cut spending and reports indicated that it massively inflated its successes. For instance, the New York Times reported in February that DOGE claimed to have cut $8 billion from Immigration and Customs Enforcement, a figure that was later revised to $8 million.
DOGE also claimed to have cut $655 million from the USAID budget, when the total saving amounted to $18 million, the Times reported.