Musk's record midterm spending fails to deliver Republican wins

· Politics · United States

Elon Musk spent nearly $500 million in the 2026 US midterm elections, an individual election spending record, but his preferred candidates lost as Democrats swept to victory. Shares of Tesla and SpaceX dropped after the results, and Bloomberg reported Musk's Texas-based empire erased about $130 billion in value as Democrats won unlikely victories in his adopted state. Musk's pre-election post urging voters to "vote red" disappeared from his timeline after Election Day. Voters in exit polls raised concerns about corruption and the influence of billionaires.

Why it matters：The failure of the biggest individual donor in US history tests whether billionaire spending can still sway elections, a question with echoes well beyond America.

Key points

  • Musk spent nearly $500 million, a record for an individual
  • Tesla and SpaceX shares fell after the results
  • Musk's Texas-linked holdings lost about $130 billion in value

Sources (original reporting)

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