Elon Musk's millions failed to deliver Republican wins in fierce midterms
Musk spent nearly $500m in the 2026 US midterm elections, an individual election spending record.
Elon Musk spent almost $450m (£334m) – more than anyone ever has in an election cycle – to back Republican political candidates in the US midterm races. It was not enough to keep Democrats from a resounding victory.
Among the most striking wins went to Democrat James Talarico, who beat Republican Ken Paxton for a US Senate seat in Texas. Musk spent at least $45m in support of Paxton, according to a BBC analysis of campaign finance data.
Other races where Musk spent millions included Arizona, Michigan, Wisconsin and Minnesota. His spending continued into Monday, records show.
James Flintoft, head of investment solutions at AJ Bell, pointed to Musk's unsuccessful spending on Republican candidates and the scale of wins by Democrats as bringing in a "period of uncertainty for investors as they assess whether tech companies are set to face greater regulation."