news.today
Hello · Register today | LoginHello · My Account[—] [33]
US

Musk's record $446m Republican spending fails to sway midterm voters

Summarised from 11 outlets · 12 reports · Updated 4 Nov, 16:14 · Archive

Elon Musk spent roughly $446 million backing Republican candidates in the US midterms, but Democrats won control of Congress in a decisive victory.

Elon Musk spent a record approximately $446 million supporting Republican candidates in the US midterm elections, more than any non-candidate individual donor has ever spent in a single election cycle. Nearly half of that, over $200 million, went to efforts in Texas, where Musk has relocated the headquarters of his companies Tesla and SpaceX.

Despite the unprecedented spending, Democrats won a decisive victory, taking control of both the House of Representatives and the Senate. In Texas, where Musk's investment was most concentrated, the state voted Democratic for the first time in four decades. Democrat James Talarico won the Texas Senate race against Republican Ken Paxton, whom Musk's political action committee and the Senate Leadership Fund had backed with tens of millions of dollars. Democrat Gina Hinojosa also defeated incumbent Republican Governor Greg Abbott in a stunning upset.

Musk's preferred candidates lost almost everywhere else as well. In Ohio, Democrat Sherrod Brown won the Senate race against Republican Jon Husted. Democrats also flipped Senate seats in Iowa and North Carolina, and won key races in Georgia and New Hampshire. According to one analysis, of every traceable dollar Musk invested in races that have been decided, more than 99 cents went to a race he lost.

Exit polls suggested voters were concerned about billionaire influence and government corruption. In his victory speech, Talarico explicitly referenced Musk, comparing his campaign to David and Goliath. "We just proved that all the money in the world is no match for the people of Texas," Talarico said. He added that his campaign had taken on "the richest man in the world, the most powerful man in the world, and the entire Washington DC establishment."

Musk responded to the defeats with sarcastic posts on X, the social media platform he owns. "Data centers in space looking pretty appealing right now," he wrote, referencing his blocked plans to expand data centre construction across Texas. He followed this with: "Guess my election-interfering space lasers didn't work this time."

The results have significant implications for Musk's business interests in Texas. Hinojosa campaigned for a pause on new data centre projects until the state adopts tougher regulations, whereas Abbott had been a strong ally of tech leaders. One analyst said the election "totally changed" Texas's status as an AI oasis where data centres could be built without regulatory obstacles.

Shares of Tesla and SpaceX fell sharply following the results. Musk may also face increased scrutiny from Democrats who now control Congress, with some lawmakers pushing to bring tech executives before Congress to address concerns about billionaire influence and the AI industry's rapid expansion.

Musk's record $446m Republican spending fails to sway midterm voters
Image: Engadget

Comments (0)

How it is being reported

In this story: Elon Musk · James Talarico · Ken Paxton · Gina Hinojosa · Greg Abbott · Texas · Tesla · SpaceX

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log