Elon Musk gambled $445 million to boost Republicans in the midterms and came up short
AUSTIN, Texas (AP) — Elon Musk spent at least $445 million in a gambit to help Republicans keep control of Congress, an amount roughly equivalent to someone on a $100,000 annual salary saving every penny for 4,400 years.
Elon Musk, the world's first trillionaire, poured at least $445 million into Republican efforts to retain control of Congress during the recent midterms. This investment, roughly equivalent to someone earning $100,000 annually saving every penny for 4,400 years, aimed to bolster the party's position despite his companies' extensive business ties with the federal government.
However, Musk's gamble ultimately failed, as Republicans suffered significant losses, ceding control of Congress to the Democrats. The loss was particularly impactful for President Donald Trump, who had faced mounting scrutiny over his interactions with Musk during the election. In the aftermath, Democrats quickly moved to investigate Musk, with potential subpoenas and hearings looming.
Musk's reputation took a hit in Texas, where a majority of voters held an unfavorable opinion of him, according to an AP Voter Poll. His ties to Republicans and tax breaks for his companies played a significant role in the backlash. Democrats capitalized on this sentiment, framing their message around the "billionaires versus everyday Texans" divide.
The election marked a turning point for Musk, who now faces potential congressional investigations and scrutiny of his dealings with the state of Texas, including tax breaks and grants for his companies.
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