Musk has little to show for his record spending on Republican campaigns in US
NEW YORK, Nov 5 (Reuters) - Elon Musk spent nearly half a billion dollars on the US midterm elections, but the record expenditure yielded little for the world's richest man and leader of SpaceX SPCX.O and Tesla TSLA.O.
Elon Musk splurged nearly $500 million on the 2022 US midterm elections, but his record-breaking spending yielded little success for the tech billionaire and head of SpaceX and Tesla. While three out of 37 Republican candidates Musk endorsed for the House of Representatives won, six lost, and one election remains undecided. In Alaska, Democrat Mary Peltola narrowly led with 78% of votes counted.
Musk's biggest expenditure was in Texas, where he pumped $230 million into the Senate race, $5 million into the governor's race, and $500,000 into the lieutenant governor contest. The investments failed to pay off, as Republicans lost all three of those races. Musk's donations have stirred controversy among Democrats, who accuse him of attempting to influence the political landscape.
In Texas, a Democrat who Musk targeted with $153.5 million worth of negative ads, James Talarico, vowed to challenge Musk's influence should he assume office. Musk faces potential scrutiny from Congress, including a proposed law closing a loophole that permits individual executives to spend unlimited personal funds on political campaigns.
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