Elon Musk's $445 Million Midterm Bet Backfires as Democrats Sweep Texas and Republicans Lose Both Chambers

Elon Musk poured more money into this year's midterm elections than any other known donor, but the billionaire's record spending on behalf of Republicans did little to stop a Democratic wave that flipped both chambers of Congress and delivered stunning upsets in his adopted home state of Texas.

Estimates of Musk's total vary by analysis, but all place him far ahead of any other donor. Newsweek, citing an analysis of federal filings, reported that the Tesla and SpaceX CEO gave more than $445 million to Republican causes this cycle, making him the top donor of the 2026 midterms by a wide margin. A CNBC tally put his spending on the 2026 elections at least $474 million, including $224 million in Texas.

Where the money went

Most of the money flowed through three major groups. America PAC, the super PAC Musk founded, received $216 million, while the Senate Leadership Fund, the main super PAC supporting Senate Republicans, received $168 million and the Congressional Leadership Fund, which backs House Republicans, received $30 million.

Texas was the centerpiece. The Senate Leadership Fund used Musk's $158 million in donations in September to support Ken Paxton, the Republican Senate candidate in Texas, who lost to Democrat James Talarico. Gina Hinojosa also defeated incumbent Gov. Greg Abbott despite a $5 million donation from Musk to the Republican.

The results elsewhere were similarly lopsided. Nationwide, America PAC spent nearly $87 million across 44 federal races, according to a CNBC analysis of FEC filings, and by Wednesday morning, Republicans it backed had lost 29 contests and won just three, with 12 still uncalled. More than $80 million, or 93% of its spending, went toward races Republicans lost.

Musk responds with jokes

Musk reacted to the losses on X, the social media platform he owns. "Guess my election-interfering space lasers didn't work this time," he wrote early Wednesday.

He also took aim at the political fight over data centers that featured prominently in several races. Musk wrote on X that "Data centers in space looking pretty appealing right now."

A reversal of earlier pledges

The spending marked a sharp turn from Musk's comments last year. In May 2025, Musk said he would be spending "a lot less" on political campaigns in the future, after a costly loss in Wisconsin. Musk-backed groups spent more than $21 million on an April 2025 Wisconsin Supreme Court election in support of the Republican-backed candidate, who lost.

He later changed course. On Jan. 1, 2026, Musk posted on X that "America is toast if the radical left wins." Newsweek reported Musk had also left the door open to future spending, saying "if I see a reason to do political spending in the future" he would.

Musk gave $76.8 million to America PAC in October alone, on top of the $76 million he contributed between July and September.

Business risks

The election results could carry consequences for Musk's companies. CNBC reported the results leave Musk with fewer allies in Congress and could create new political obstacles in Texas, where Tesla, SpaceX and other Musk ventures have major operations.

Investors reacted quickly. Shares of Tesla and SpaceX each fell about 5% on Wednesday as markets digested the results, according to CNN. Musk, a former top Trump adviser, is among potential targets of investigations by a Democratic-controlled Congress, according to The Associated Press.

Not the only factor

Analysts have pointed to a range of reasons for the Republican losses, including rising prices, the war with Iran and President Donald Trump's low approval ratings, suggesting that no amount of outside spending would likely have reversed the national mood. Republican leaders, including House Speaker Mike Johnson, have emphasized that the president's party historically struggles in midterm elections.

Musk's track record shows mixed results over time. Groups he funded helped Republicans in some 2024 House races, though America PAC supported eight candidates who lost that year.

Whether Musk continues to spend heavily in politics ahead of the 2028 presidential election remains an open question.