From France24 · · 50s
Musk-backed candidates lose midterms despite financial backing
Elon Musk's $440m campaign spending fails as Republican candidates lose key races.
In brief
Elon Musk's $440m campaign spending fails as Republican candidates lose key races. Elon Musk's $440 million investment in Republican candidates failed as his preferred candidates lost races in Texas during US midterms. Originally reported by France24.
Musk's campaign spending
Elon Musk poured over $440 million into Republican candidates and causes during the 2026 US midterm elections.
Republican candidates lost
Musk's preferred candidates lost races in Texas where he has put down roots.
Market reaction
Shares of Tesla and SpaceX dropped after Democrats swept to power in US midterms.
Election outcome
The Democratic party won control of the US House of Representatives in the 2026 midterms.
Musk's investment
Musk was the single biggest campaign donor in the 2026 election cycle.
Consequence
Musk's financial backing failed despite his significant investment in Republican candidates.
What it means
Elon Musk's $440 million investment in Republican candidates failed as his preferred candidates lost races in Texas during US midterms.
