Elon Musk's $474M Election Bet Backfires, Key Allies Lose in Texas
· World · CNBC, New York Times
Elon Musk spent at least $474 million on the 2026 midterms, with $224 million funneled into Texas alone to support Republican Senate nominee Ken Paxton and Governor Greg Abbott, both of whom lost to Democrats. The defeats leave Musk with fewer allies in Congress and create new political obstacles for his Tesla and SpaceX operations in the state. Democrats' sweeping victory marked a rejection of Musk and the AI industry, as voters pushed back against billionaire influence and tech industry expansion. Across the country, data center restrictions were approved amid broader backlash against tech power.
Why it matters
Musk's political investments directly impacted his core businesses, with Tesla's Austin factory and SpaceX's South Texas launch site now facing a more hostile regulatory environment under Democratic control.
Read the original report — CNBC
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