Elon Musk spent 366 million dollars to strengthen the Republican Party in the US midterm elections

The spending spree comes as Republicans struggle to overcome Trump's declining popularity and cost-of-living concerns.

Elon Musk, the billionaire tech mogul and supporter of far-right causes, has reportedly spent $366 million to support the Republican Party in the US midterm elections since last year.

The New York Times first reported Monday that Musk has spent $276 million since July alone, including $158 million to a super PAC focused on Republican Senate candidates, making him the biggest single donor this year.

List of 3 items List 1 of 3 Trump gives top US science awards to Elon Musk and other tech executives

List 2 of 3 US judges found the Trump administration's use of voter data illegal

List 3 of 3 Is Trump looking to return to war with Iran after the midterm elections?

Musk is considered one of the close allies of Donald Trump, the president and leader of the Republican Party, and was a special adviser to the White House last year.

Musk's political action committee, America PAC, has confirmed the total spending. In a statement to The New York Times, a spokesman said the record amount was needed to defend Congress against Democratic dominance during the midterm races.

America PAC spokesman Andrew Romeo told the Times, "These strong investments have allowed the Republican establishment to get its message out to Republicans so that Republicans can have a fighting chance against history."

Musk's spending spree comes as Republican candidates struggle to overcome Trump's low popularity and rising concerns about the cost of living among American voters.

Democrats are hoping to capitalize on voters discontent with Trump's tenure to take control of Congress, where Republicans currently hold majorities in the House and Senate.

The influence of wealthy donors and PACs has long been the subject of criticism. Opponents argue that such spending skews US policy in favor of powerful interests.

Musk became the world's first trillionaire in June, when his aerospace company SpaceX went public on the Nasdaq.

The tech entrepreneur has previously said he plans to step back from his involvement in US politics, stating in May that he has "done enough" and has no plans to spend big.

However, Musk has used his tech holdings and wealth to support right-wing groups around the world.

Last year, for example, politicians in Germany accused Musk of trying to interfere in national elections. Musk has been a supporter of the Alternative for Germany (AfD) party, which has been accused of taking a discriminatory stance on immigration and other issues.

Voters in the United States head to the polls on November 3 to cast their ballots in the midterms, which will decide key state and local races as well as congressional majorities.

The GOP is considered to have a significant financial advantage over Democrats with heavy spending by groups such as MAGA Inc., a pro-Trump super PAC named for the president's "Make America Great Again" movement.

As of August, MAGA Inc. reportedly had $416 million in its coffers. Tracking site AdImpact found that it spent $22 million last month alone on the tight race that is widening for an open Senate seat in Texas.

Trump has also ramped up his campaign activity, hosting a string of rallies in the final weeks before the election to help Republicans get his message across.

But Democrats seem confident that the Republican spending advantage won't be enough to counter the effects of growing discontent with Trump.

"Republicans are hoping to buy this election and get tens of millions of people into the race to overcome unpopular candidates, an unpopular president and an unpopular economy," said Lauren French, a spokeswoman for the Democratic Senate PAC.