Elon Musk spent nearly half a billion dollars supporting Republican candidates in the 2026 U.S. midterm elections, but most of those candidates failed to win. Reuters reported on Nov. 5, citing campaign-finance data, that only three of the 43 Republican House candidates Musk backed had won, while 33 lost and seven races remained uncalled at the time of the report. Six of the seven Republican Senate candidates he supported lost, with Alaska still undecided. Musk spent nearly $230 million in Texas but did not secure victories in the state’s major races.
A political spending total approaching half a billion dollars
Musk used America PAC and other political organizations to support Republican candidates. A WIRED analysis of Federal Election Commission filings found that he had given more than $445 million to Republican political groups by mid-October. A broader estimate by The New York Times and CNBC put his political giving since the start of 2025 at about $474 million. The figures use different time periods and include different state-level and political-group spending, so they should not be treated as identical measures.
Texas was his biggest bet
Musk spent nearly $230 million on the Texas Senate contest, backing Republican Ken Paxton against Democrat James Talarico. He also spent money on the state’s governor and lieutenant-governor races. Reuters reported that the candidates he supported failed to win the key contests. Texas is important to Musk’s business interests: Tesla and SpaceX have major operations there, and he has discussed plans for semiconductor manufacturing investment in the state.
Money did not guarantee votes
Reuters’ review found that most House candidates backed by Musk lost, with a similar result in the Senate races. America PAC funded advertising, voter outreach and campaign activity, but the spending did not ensure that voters accepted the candidates’ positions. The results illustrate the limits of political spending: wealth can shape campaign resources and visibility, but it cannot by itself determine how voters cast their ballots.
More scrutiny of Musk’s political and business ties
With Democrats taking control of Congress, Musk’s relationship with the Trump administration and Republican lawmakers could face greater scrutiny. Tesla, SpaceX and his other businesses have interests involving federal contracts, regulatory approvals, public incentives and government policy. The overlap between political influence and business interests is likely to remain a focus for lawmakers. Whether Musk will spend at a similar level in future elections, and how the political activity affects his companies and shareholders, remains to be seen.