Elon Musk political spending backfires as midterm candidates lose key elections

Billionaire technologist Elon Musk set a record for political spending during the 2026 United States midterm elections by backing Republican candidates who ultimately lost their races. The Guardian reported that Musk poured at least $446 million into Republican aligned political action committees, while CNBC placed his total election spending at at least $474 million. [1][2]

The Guardian reported that Musk targeted key Senate contests to help the administration of President Donald Trump retain Republican control of Congress. CNBC reported that Musk funneled $224 million into Texas alone, which made up nearly half of his overall election spending. As FTMQ News reported earlier, Musk provided outside support for Republican Ken Paxton in the Texas Senate race. [1][2][12]

Following the broad Democratic wins in the midterms, the BBC reported that shares in SpaceX and Tesla fell after candidates backed by Musk lost in Texas. CNBC reported that the election results marked a major rejection of Musk and raised political scrutiny over the artificial intelligence industry and data center expansion. NPR also reported that Musk will face increased scrutiny from Democrats. [2][6][7]

Musk serves as the chief executive officer of both SpaceX and Tesla, and Forbes estimated his net worth at $1.1 trillion in October 2026. The Washington Times reported that Musk joked on social media about election interfering space lasers as his candidates failed, while Forbes reported that he deleted midterm posts following the election losses. [3][8][10]