The key facts

  • Musk spent $445 million on the congressional elections (OpenSecrets); the total, according to FT, exceeded $470 million
  • Of the 43 House candidates he backed, only 3 won, 33 lost
  • In Texas he spent $230 million on Ken Paxton, but Paxton lost to the Democrats; SpaceX and Tesla shares fell 3.9% and 3.3%

The results of Musk's spending in the midterm elections

The US congressional midterm elections ended largely unsuccessfully for the Republicans financed by Elon Musk. According to Kun.uz, citing Reuters, of the 43 Republican candidates for the House of Representatives he backed, only three made it into the lower chamber, 33 lost, and the remaining seven are trailing Democrats in districts where vote counting is still ongoing.

The Senate and the Texas campaigns

In the Senate, six of the seven candidates Musk supported lost. In Alaska, where 77% of the votes have been counted, Democrat Mary Peltola is ahead with a narrow lead. Musk's largest spending went to Texas: according to Reuters, he spent $230 million supporting Republican Ken Paxton and another $5 million on a gubernatorial campaign, but both candidates lost outright — Democrat James Talarico was elected state senator, and Gina Ortolano (originally Gina Inocosa) was elected governor.

How much Musk spent in total

According to OpenSecrets, an organization that tracks campaign financing, Musk spent $445 million on the congressional elections alone. The full extent of his spending may remain unknown: according to a Reuters source familiar with these expenditures, he directed tens of millions more through nonprofit organizations and millions to state and local elections. The Financial Times estimates the total at more than $470 million. Musk himself wrote on the social network X on the morning of November 4: “Apparently my space lasers aimed at interfering with the elections didn't work this time.”

Market reaction

On Wednesday, shares of SpaceX and Tesla fell by 3.9% and 3.3% respectively. According to Reuters, investors fear that a Congress now under Democratic control will step up oversight of the Starlink satellite service and Musk's data center construction projects, and may also launch an investigation into his ties with the Trump administration and Texas authorities.