Voters Set $400 Million of Elon Musk’s Money on Fire
Elon Musk almost single-handedly funded the Republican midterms push. But of every traceable dollar Musk put into races that have been decided, more than 99 cents went to a race he lost.
On Tuesday evening, Elon Musk's X account went dark as US election results came in, revealing that hundreds of millions of dollars he had invested in Republican campaigns had failed. The world's richest man had poured $400 million into Republican campaigns since Trump's re-election, including $229 million into other political groups.
Despite his extensive spending, Musk's America PAC lost 20 races and won only one, with 21 races still undecided. The PAC's efforts in seven Senate races were unsuccessful, with each of the six races it targeted going to Democrats. In Michigan, Musk's funding helped lose the election for Democratic candidate Sherrod Brown. In Texas, the PAC's $148 million spent on one race was more than any other state, and the candidate it backed, Ken Paxton, lost to Democrat Gina Hinojosa.
Musk's campaign also failed in Michigan, where Abdul El-Sayed won. The Democrats' victories in Texas and Michigan mean they will control much of Musk's Texas empire and the state's tax incentives. Musk's defeat in Texas was not surprising, as he had spent heavily to support candidates like Ken Paxton, who had a history of legal troubles.
Musk's other interests in Texas include a SpaceX chip plant valued at $16.8 billion and Tesla's robotaxi fleet. Despite his extensive investments, Musk's efforts in Texas and other states failed to change the outcome of the elections.
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