Elon Musk’s Nearly $500 Million Election Gamble Ends in Stunning Defeat

Elon Musk’s Nearly $500 Million Election Gamble Ends in Stunning Defeat

Elon Musk has spent nearly $500 million trying to strengthen Republican control of the US Congress, but the massive political investment ended in a major setback after Democrats recorded sweeping victories in the 2026 midterm elections. The Tesla and SpaceX chief emerged as the biggest non-candidate spender of the election cycle, backing Republican candidates, including Texas Senate hopeful Ken Paxton, who lost to Democrat James Talarico by 12 percentage points.

Musk’s America PAC expanded its spending to support Republican campaigns, with more than $210 million directed towards helping Paxton and millions more invested in Texas state politics. The operation deployed thousands of canvassers, knocked on millions of doors and used artificial intelligence to create personalised campaign videos featuring Donald Trump. However, concerns about late mobilisation, staffing shortages and the campaign’s strategy raised questions about whether the money was being spent effectively.

The defeat has cast doubt on Musk’s ability to influence elections through massive political donations, while Democrats’ strengthened position could bring greater scrutiny of his businesses and political activities. Musk had previously fallen out with Trump over domestic policy before the two men repaired their relationship. His latest election setback now raises fresh questions about the political influence of America’s richest man and whether his costly strategy can deliver future victories.