Historians debate whether Elon Musk's political power rivals Gilded Age financiers

The political influence of Elon Musk has triggered a renewed debate among historians regarding the concentration of power in American governance.

Musk has donated more than $400 million to Republican causes ahead of the 2026 midterm elections. According to data from The Washington Post and CNN, this amount exceeds the combined Democratic donations from Michael Bloomberg and George Soros.

David Nasaw, an emeritus professor of history at City University of New York, argues that Musk's power is distinct from previous industrialists. Nasaw, who wrote a biography of Andrew Carnegie, stated that while wealthy individuals have always exercised undue power, there has never been anyone quite like Musk.

Nasaw pointed to several factors that amplify Musk's reach. He was the first person to reach the trillionaire status and oversaw the Department of Government Efficiency, which dismantled the U.S. Agency for International Development. Musk's companies, including SpaceX and Tesla, have secured over $30 billion in federal contracts, subsidies, loans, and tax credits.

"I call it an unholy alliance," Nasaw said. "He makes money and then he returns that money to keep those who are friendly to him in power."

Kara Swisher, a tech journalist, recently told Morning Edition that no private citizen should make wartime decisions. This comment followed SpaceX's temporary restriction of Ukraine's use of the Starlink satellite system this month, an action that caused some Ukrainian drones to fall from the sky.

Richard White, an emeritus history professor at Stanford, offered a contrasting view. He compared Musk to J.P. Morgan, the dominant banker of the Gilded Age. In 1895, Morgan bailed the U.S. out of a financial crisis, a move White said gave Morgan immense influence.

"J.P. Morgan thought that he was a co-partner with government," White said. "Once you've saved the United States from having to default on its promise to pay its debts in gold, you realize you have a great deal of influence."

White noted that Morgan's power did not last. President Teddy Roosevelt broke up the Northern Securities Company, a behemoth formed by Morgan merging three major railroads. White argued that a Democratic president and Congress could dismantle Musk's power within a year, largely because SpaceX depends on government funding.

Marian Tupy, a senior fellow at the Cato Institute, defended the role of wealthy innovators. Tupy stated that non-conformists often drive economic growth and that wealthy individuals may have better views on the economy than the median voter. He opposes campaign spending limits, viewing them as a constitutional issue.

Musk's spending does not always guarantee electoral success. Last year, he spent more than $20 million on the Wisconsin Supreme Court race, but his candidate lost by 10 percentage points.

Democrats are reportedly discussing investigations into Musk if they win the House in the upcoming midterms. In response, Musk posted on X, his social media platform: "Live by the sword, die by the sword. Those who pick fights with me should understand that I will find out who is really pulling the strings and come for them."