This is one outlet's own report from Forbes — the article as it was filed.
AIPROPX ReportForbes · 37m ago
Billionaire-Bankrolled Republican Fund About To Be Unleashed For Midterms—If Trump Allows
Topline Vice President JD Vance will hold an event in Michigan on Monday through President Donald Trump’s MAGA Inc. super PAC, marking the first major time Trump’s PAC has waded into the November midterms as Republicans have reportedly been getting antsy for the $400 million war chest—bankrolled by Trump’s wealthiest allies—to start spending its funds.
Vance will headline a public event in Sterling, Michigan, to campaign for GOP Senate candidate Mike Rogers and other Michigan Republicans, which will be hosted by MAGA Inc.
MAGA Inc. is Trump’s super PAC, which, now that he’s no longer a candidate, is intended to help bolster other Republican candidates that the president supports, rather than Trump himself.
The super PAC had $403.5 million in cash on hand at the end of July, according to federal election filings, and Politico notes it has more money than any other super PAC this election cycle, with its funds largely being collected through donations of $1 million or more.
But the fund has largely been sitting on that money ahead of November: The fund has spent only $21 million since January 2025, according to federal filings, though it most recently spent more than $827,000 supporting Sen. Darline Graham, R-S.C., ahead of her primary election.
Republicans have been getting impatient for the PAC to start giving away money as they face numerous high-stakes races in November, with CNN reporting Sunday that Texas Attorney General Ken Paxton’s campaign is getting particularly frustrated that MAGA Inc. has not stepped in as rival James Talarico vastly outspends Paxton in their razor-thin Senate race.
Vance’s Michigan event marks the first high-profile event by the PAC in support of Republicans’ midterm bids, and comes after Trump said on Aug. 21 he would spend “a lot” of the fund’s money to bolster Republicans.
Vance’s Michigan event will start at 1 p.m. EDT on Monday. While it’s the only event the PAC has announced so far, MAGA Inc. spokesperson Alex Pfeiffer told Politico last week there would be more to come. “MAGA Inc. will be hosting events throughout the nation to ensure that Republicans retain control of Congress in order to finish cleaning up the mess the Biden-Harris-Pelosi-Schumer Democrats left,” Pfeiffer said.
It’s still unclear. Trump told reporters on Aug. 21 the PAC would spend “a lot of [its] money for candidates that I think are good, Republican candidates,” but declined to specify who could get cash. He later told reporters last week he would help Paxton, however, saying before leaving for Texas on Thursday, “I’m going to help Ken Paxton and I’m going to spend a lot of time in Texas.” In addition to Rogers’ Senate bid in Michigan and Paxton’s race in Texas, Republicans also face high-stakes Senate challenges in states like Alaska, Ohio, Maine and North Carolina, as well as battleground House races throughout the country.
Trump is not on the ballot in November and is legally barred from running for reelection again—even as he’s floated he could try—so none of MAGA Inc.’s funds can be spent directly on himself as a candidate. Unlike Trump’s Save America super PAC, which he’s used to pay his personal legal bills , MAGA Inc. is also not legally able to bankroll the president’s expenses. That being said, The Atlantic reported last week Trump wants to use a chunk of his war chest to champion himself ahead of the midterms, ordering an advertising “blitz” that would tout his achievements in office. The reported ad campaign will “focus on nationalizing the midterms broadly around his victories,” according to The Atlantic, reflecting the fact that while Trump isn’t running in November, voters’ choices will undoubtedly also serve as a referendum on how his second term has gone so far.
MAGA Inc. has largely been supported by wealthy donors, with the Brennan Center for Justice reporting in February that 96% of its funds came from donations of $1 million or more. Among the billionaires who have given the most to Trump’s super PAC this election cycle, counting donations made by both themselves and their companies, are oil tycoon Kelcy Warren ($25 million), casino magnate Miriam Adelson ($25 million), businesswoman Diane Hendricks ($25 million), investor Jeff Yass ($16 million), crypto founders Cameron and Tyler Winklevoss ($15 million), venture capitalist Marc Andreessen ($9 million), Tesla CEO Elon Musk ($5 million), stock exchange operator Jeffrey Sprecher ($5 million with wife Kelly Loeffler ), cosmetics heir Ronald Lauder ($5 million) and Blackstone founder Stephen Schwarzman ($5 million).
In addition to wealthy individual donors, corporate donations have also made up a sizable number of MAGA Inc.’s biggest donations. Foris Dax, which owns Crypto.com, has given $35 million to the PAC this election cycle so far, for instance, while UnitedHealthcare gave $5 million ahead of Trump’s inauguration. RAI Services Company, a subsidiary of tobacco company Reynolds American, has also now given a total of $8 million across multiple donations, while other donations have come from companies like Extremity Care LLC, United Wholesale Mortgage, Ondo Finance, firearms manufacturer Alpha Foxtrot and Taylor Farms, which gave MAGA Inc. $1 million in March 2025, a year before it became embroiled in this summer’s cyclosporiasis outbreak. Some of those corporate donations have raised scrutiny: A company affiliated with the Geo Group, which runs immigration detention centers on the Trump administration’s behalf, gave $1 million to MAGA Inc. days after signing a $165 million per year contract with Immigration and Customs Enforcement, for instance, sparking ethical concerns.
The Billionaire Donors Behind Trump’s Midterm Superweapon (Forbes)
Here Are The Biggest Billionaire Donors In The Midterms—So Far (Forbes)
Republicans fret as Talarico bombards airwaves and Paxton awaits Trump team’s cash (CNN)
MAGA Inc reaches $400M with no spending to boost candidates (Politico)
AIPROPX is an independent multi-source news index — we track, compare, and connect coverage from across the web into one place you won't find anywhere else.
