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Wed, 04 Nov 2026

Wed, 04 Nov 2026 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.

* Democrats won control of the Senate
* Democrats won a majority in the House of Representatives
* Republican Senator Ken Paxton lost his seat in Texas, despite Elon Musk's $45m spending on his campaign
* Several other Republican candidates who received significant funding from Musk also lost their races
* The loss of these seats may have significant implications for SpaceX and its future business dealings with the US government
* Tech companies involved in AI may face greater regulation under a Democratic-led Congress
* Elon Musk's stocks, including Tesla and SpaceX, declined following the election results.