Billionaires, dark money fuel questions ahead of 2026 midterms

Exclusive Politics Billionaires, dark money fuel questions ahead of 2026 midterms By Gabe Kaminsky Gabe Kaminsky Investigative Reporter Gabe Kaminsky is an investigative reporter for CBS News based in Washington, D.C., covering money and influence in politics. Read Full Bio Gabe Kaminsky April 15, 2026 / 3:30 PM EDT / CBS News Add CBS News on Google Hedge fund manager Stephen Mandel and his wife Susan are a billionaire power couple that has a history of springing into action come election season. Before the 2024 presidential contest, they hosted Joe Biden for a private fundraising dinner in Greenwich, Connecticut. Kamala Harris, Hillary Clinton, and John Kerry are other beneficiaries of the $84 million that the Mandels have sprinkled to Democratic campaigns over time, according to Federal Election Commission records.Now, the couple is gearing up for the 2026 midterm elections.The Mandels have given almost $10 million in support of Democrats seeking federal office this year, federal records show, with more expected. "They are extremely influential and generous supporters who have never asked for very much," one veteran Democratic fundraiser who has worked for half a dozen presidential campaigns and interfaced with the couple told CBS News. The Mandels' giving offers a window into how billionaire megadonors have become an unrivaled force in American politics. The ultra-wealthy donor class is preparing to pour resources into an election that will decide whether Republicans or Democrats have a majority in the next Congress. In 2024, ultra-wealthy donors poured more than $3 billion into elections, led by the world's richest man — Elon Musk. He spent more than $290 million supporting President Trump and other Republicans, a record sum. And overall, that $3 billion was spent overwhelmingly to benefit the GOP — these donors gave five times as much to Republicans and groups aligned with them as they did to Democrats. That trend appears to be c...