Mark Halperin said Elon Musk is preparing to spend heavily in Texas politics, reporting that multiple sources have told him Musk and his political operation are discussing a major financial commitment that could affect the state’s U.S. Senate race.

Halperin said his reporting began with a tip about Musk’s plans in Texas.

He has since spoken with additional sources as he attempts to determine how much Musk could ultimately spend and where that money would go.

“I got a tip from a source about Elon Musk and what he's going to spend in Texas, and since then, through preparations for the show and doing the interview with Tucker and some other stuff, I've been reporting on this question because if my source with the most extraordinary story is true, this is what Krista Davidson would call a game changer,” Halperin said.

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Musk’s potential involvement comes as Republican Ken Paxton and Democrat James Talarico compete for the Texas Senate seat.

Halperin said Musk had previously been expected to spend money nationally and in Texas, including on voter registration and get-out-the-vote operations.

Halperin pointed to Musk’s involvement in voter registration efforts during the 2024 election and said Republicans have increasingly focused on those operations.

“So, voter registration, get out the vote, is something that since the Obama years ended, Republicans have taken the lead. It's a hard thing to quantify, but spending money on that is very useful. And Musk, of course, has unlimited money to spend and has proven he's willing to spend a lot,” Halperin said.

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The bigger development, according to Halperin, is that Musk may expand beyond those ground operations and finance television advertising in Texas.

Halperin said political professionals believe tens of millions of dollars in television spending will be required to help Paxton compete against Talarico.

He described Texas as an expensive media market where $10 million would not go particularly far, especially when advertising is purchased by outside organizations rather than candidates receiving lower advertising rates.

“It takes a lot of money to saturate Texas TV for the next two months,” Halperin said.

Halperin said he now has four sources pointing in the same general direction about Musk’s intentions.

“I've now got four sources on this story, all leaning in the same direction, that Musk plans to spend a great deal of money in Texas,” he said.

Halperin tied the discussions to the Republican convention in Dallas, where campaigns, party committees, super PACs, wealthy Republican supporters and political advisers were gathered.

He said the convention involved more than speeches, with political organizations making decisions about fundraising, advertising and campaign operations as the election approaches.

“Four sources familiar with this situation say that Musk and his people are now talking about spending a lot of money in Texas, a lot of money, including a figure from one of my sources that is the number that Republicans have said repeatedly, if Paxton's to have a chance to win, this much must be put in,” Halperin said.

That figure, according to one of Halperin’s sources, is $100 million.

“That figure is $100 million, ladies and gentlemen. Not all on television, some of it for organizing,” Halperin said.

Halperin was careful to distinguish what his different sources had told him. He said he did not have three sources independently confirming the $100 million figure.

Instead, one source provided that number, while another described a potentially substantial amount of spending during September alone.

“I'm not here to tell you I've got three sources saying 100 million. I have one source saying that. I've got another source saying 50 this month, just this month, and other sources saying that Musk has transitioned from saying he wants to support the Texas ticket primarily through ground game and that he's also going to spend to buy television. Okay?” Halperin said.

Halperin said he was continuing to report on the developing situation and had additional inquiries pending.

He also said people involved in Texas Republican politics who had been concerned about the Senate contest were increasingly hearing about Musk’s plans.

According to Halperin, they viewed the possible scale of Musk’s spending as potentially significant because it could reduce the amount other Republican organizations would need to commit to Texas.

Halperin said that could allow those organizations to devote more resources to other Senate contests rather than putting an outsized share of their money into Texas.

“Many people in Texas party politics who have been concerned about salvaging that seat have heard about Musk's plans and feel that the amount he's putting in is a game changer, that it will allow the rest of the funding apparatus to not have to face this choice about putting money in Texas, the most expensive of the Senate battleground states by far, and can focus on places like Michigan and Iowa and Maine and New Hampshire, etc.,” Halperin said.

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