Virgin Group founder Richard Branson said he is “embarrassed” by other billionaires’ political spending and said the results of the U.S. midterm elections sent a “hopeful message about the limits of money in politics.”

“As a successful entrepreneur, I have felt embarrassed by the billions that tech entrepreneurs and hedge fund managers have spent on – mostly Republican – campaigns this election cycle,” the British magnate posted on LinkedIn yesterday.

“I’m delighted that, finally, US voters stood up to this flood of money and the often hateful and false messages it helped spread,” he added.

Branson added that laws allowing unlimited political spending by individuals and corporations need to be changed.

“I hope this will prompt the next Congress to start a fresh conversation about the toxic impact of money in politics and the need for meaningful campaign finance reform,” he wrote.

Political megadonors poured record-breaking amounts into this year’s midterms. The 40 largest donors spent a combined $2.4 billion through mid-October, according to the Brennan Center for Justice.

While major donors have historically preferred Democrats — in 2014, for example, the top 40 donors favored Democrats two to one — Republican-aligned donors have since surpassed them. GOP donors outspent their left-leaning counterparts more than three to one during the current cycle. 

Elon Musk was by far the biggest individual player. The Tesla and SpaceX founder poured nearly half a billion dollars into Republican campaigns and super PACs, including a massive investment in Texas Attorney General Ken Paxton’s unsuccessful Senate bid.

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