US midterms expected to cost $12 billion, with Musk the top donor

Around $12 billion is projected to be spent on political advertising alone in the US midterm elections due on November 3.

Advertising tracking firm AdImpact estimates the spending will reach about $11.6 billion, more than in any previous election, including the 2024 presidential race. This time, voting will decide both chambers of Congress, governorships in 36 states and thousands of state-level offices.

The election will set the political direction for the remaining two years of President Donald Trump's term.

According to Al Jazeera's analysis of Federal Election Commission data, the cycle's biggest donor is industrialist Elon Musk. The top 50 donors and organizations have together contributed about $2.77 billion so far. Donors from the technology, artificial intelligence and cryptocurrency sectors are giving large sums to candidates who favor looser regulation of their industries.

In the 435-seat House of Representatives, 218 seats are needed for a majority; Republicans currently hold 218 and Democrats 214. Elections are also being held for 35 Senate seats, where Republicans currently hold 53 and Democrats 47, including two independents.

Democrats need a net gain of at least 3 seats to win a House majority and 4 seats to control the Senate. A survey by PBS News, NPR and Marist put support for Democrats at around 53 percent and Republicans at around 41 percent.