Republicans eye 2028 presidential bids after midterm rebuke

Elon Musk, the world's first trillionaire, poured at least $445 million into an effort to aid Republicans in retaining control of Congress during the midterms. While the expenditure may seem insignificant to Musk, the financial ramifications are profound, as his companies have significant business relationships with the federal government.

However, on Tuesday night, the Republican Party's embrace of Musk proved futile, as they suffered a string of losses and ceded control of Congress to the Democrats. President Donald Trump, the party's face, also bore the brunt of the losses, but Musk's investment returned the poorest return on investment of any candidate.

The Democrats capitalized on the backlash against Musk, with possible subpoenas and investigations looming. In Texas, Musk's influence took a significant hit, as he spent $5 million to reelect Republican Gov. Greg Abbott, who ultimately lost. Democrats also took control of the Texas House and the U.S. Senate, partly due to their focus on Musk's business practices and tax breaks.

The first statewide Democratic victory in Texas in over 30 years was fueled by their criticism of Musk and his relationships with elected Republicans.

Musk's reputation suffered among Texas voters, with more than half expressing an unfavorable opinion of him. This negative sentiment was especially prominent among non-MAGA Republicans, independents, and Democrats. The Democrats capitalized on this discontent, framing the election as a battle between billionaires and everyday Texans. In Texas, Musk's emergence as a major Republican benefactor played into the Democrats' narrative, with candidates emphasizing the contrast between the wealthy and the average Texan.

Despite Musk's substantial financial support, his influence appeared to be waning, as outgoing Rep. Chip Roy noted that the sheer amount of donations could be counterproductive. Musk's two publicly traded companies, Tesla and SpaceX, experienced share price declines on Wednesday, wiping out billions in market values. The tech-heavy Nasdaq composite index, however, managed to climb during the same time.