As Texans are inundated with TV ads and other campaign ads in the increasingly expensive Senate race between Ken Paxton and James Talarico, new federal campaign finance data offers a glimpse of who is funding the massive ad campaigns run by the candidates and their allies.
The reports reveal a battle led by Elon Musk, who is fueling the money machine boosting Paxton’s campaign, while California billionaires and personal injury trial lawyers are among the leading donors to pro-Talarico efforts.
The newly formed Texas PAC, which has reported making over $148 million in independent expenditures supporting Paxton or opposing Talarico, received $158 million from the Senate Leadership Fund (SLF) PAC in September. The SLF reported receiving $158 million in donations from Musk that month.
Musk also donated $88 million to America PAC during the last quarter, which has become a vehicle for Musk’s involvement in races across America. Since August, America PAC has reported over $22.7 million in independent expenditures opposing Talarico or supporting Paxton. Beyond the independent expenditures tied directly to the Senate race, America PAC has also funded an extensive canvassing effort across Texas.
The SpaceX founder was also the largest donor to Lone Star Liberty, a pro-Paxton SuperPAC, during the most recent reporting period, donating $10 million in August.
While most of Musk’s political spending in Texas has focused on the Senate race, he has also made sizeable donations that have made their way into Texas state races. Earlier this year, he donated $2 million to Texans for Lawsuit Reform, which has been at the forefront of helping Republicans in state legislative races. Musk also donated $1 million earlier this year to the Judicial Fairness PAC, which is affiliated with Texans for Lawsuit Reform, and focuses on helping elect Republicans in judicial races.
Several California billionaires are among the biggest backers of pro-Talarico efforts. Of the nearly $9.6 million raised by Lone Star Rising, a pro-Talarico SuperPAC, more than 36% of the funds came from California donors.
Ripple CEO Chris Larsen of San Francisco was Lone Star Rising’s largest donor last quarter, giving $1.25 million. Other wealthy Californians who donated to the PAC include Netflix Chairman Reed Hastings ($1 million) and venture capitalist John Pritzker ($750k). Illinois Governor J.B. Pritzker, who has become one of the largest donors to efforts to help elect Democrats across Texas, donated $100,000 to Lone Star Rising in September.
LinkedIn Co-founder and venture capitalist Reid Hoffman, an associate of Jeffrey Epstein, donated $11.5 million to Lone Star Rising during previous reporting periods.
Personal injury trial lawyers were some of the most notable donors to Talarico’s campaign and joint fundraising committee. Dallas-area personal injury lawyer Mike Lyons donated $10,000 to the Talarico Victory Fund in July, despite donating to a pro-Paxton SuperPAC during the Republican Primary. Lyons, who serves as VP of Finance for the Texas Trial Lawyers Association, has played a key role in efforts by liberal personal injury attorneys to influence Republican Primary elections.
Houston trial lawyer John Eddie Williams donated $10,000 to the Talarico Victory Fund in July. Both Lyons’ and Williams’ law firms are among those that have funded the First Tuesday PAC, which is running ads featuring Paxton that encourage voters to “vote Democrat in every race!”
Talarico’s campaign reported raising over $60 million last quarter, compared with just over $10 million for Paxton’s campaign. An analysis of Talarico’s most recent campaign finance report by The Texas Voice showed that about 58.4% of Talarico’s itemized donations came from outside Texas, with California as the largest source of out-of-state donations.
