Elon Musk spends $445 million on US midterms as Republicans suffer major defeats
Austin: 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. To the world's first trillionaire, it's a pittance, but the billions of dollars' worth of business his companies do with the federal government is not. And on Tuesday night, a Republican…
Elon Musk poured at least $445 million into the US midterm elections, an investment that paled in comparison to the billions of dollars his firms spent with the federal government. Despite the substantial outlay, Republicans suffered significant setbacks, leading to the loss of control of Congress to the Democrats. The billionaire's gesture came as President Donald Trump faced intense pressure and Musk himself joked about his election interference efforts, stating that "space lasers" had failed him.
The midterm elections proved to be the worst return on investment for Musk, who had previously spent $5 million to try and reelect Texas Governor Greg Abbott, a Republican who ultimately lost. Democrats' victory was fueled by their criticism of Musk's tax breaks and grants for his companies, as well as his ties to Republicans. A recent poll found that more than half of Texas voters held an unfavorable opinion of Musk, further damaging his standing among the electorate.
Although Musk lost about $45 billion in net worth on Wednesday, investors expressed concerns about potential congressional investigations and the impact on his businesses, Tesla and SpaceX.
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