Musk has little to show for his record spending on Republican campaigns in US midterms

Elon Musk spent nearly $445 million on federal races during the 2022 US midterm elections, but his record spending yielded little success for the world's richest man. Only three of the 37 Republicans he backed for the House of Representatives won, compared to 33 who lost. Six of Musk's seven Senate Republican candidates lost, with one race still undecided in Alaska, where Democrat Mary Peltola narrowly led with 78% of votes counted.

Musk's political action committee, America PAC, and his attorney Alex Spiro did not respond to requests for comment. Musk's spending has drawn ire from Democrats, who argue it has led to investigations into his companies and his work with the government. Shares of SpaceX and Tesla fell significantly on the day of the election due to concerns over Democratic scrutiny of Musk's Starlink satellite service and AI data center projects.

Democrats have vowed to tackle campaign finance reform and scrutinize Musk's businesses if they gain power.