Elon Musk jokes about GOP election defeat after spending record sums on party
Musk mocked the losses after spending nearly half a billion dollars on Republican candidates and aligned groups, according to campaign finance analyses.
- On Wednesday, November 4, 2026, Democrats seized control of Congress and flipped Texas seats, marking a major defeat for Tesla and SpaceX CEO Elon Musk, who poured nearly $474 million into Republican campaigns.
- Texas became a primary focus for Musk, who funneled roughly $225 million into the state, primarily supporting Republican Ken Paxton's unsuccessful Senate bid, making him the cycle's largest individual political donor.
- Joking about "space lasers," Musk posted sarcastic messages on X after removing an earlier "Vote red" appeal as his targeted candidates largely lost.
- Shares of Tesla and SpaceX fell on Wednesday as markets reacted to the losses, while Democratic Texas Governor-elect Gina Hinojosa vowed to take power from "powerful people who have gotten very comfortable running this state."
- Lawmakers signaled increased scrutiny of Musk's past leadership of the Department of Government Efficiency and his federal contracts as Democrats assume control of Congress in January.
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The billionaire channeled more than $450 million through political action committees and Republican campaigns, suffering severe setbacks in strategic squares like Texas.
With the Democratic Party taking control of both the House and Senate in the U.S. midterm elections, Tesla and SpaceX CEO Elon Musk is being cited as the figure who suffered the biggest blow. On November 4 (local time), foreign media outlets including Politico and NBC reported, “The Republican candidates supported by Musk suffered crushing defeats in almost every place,” adding, “One of the biggest losers in this election is Musk, whose name was…
Sydney Morning Herald
Down $60b, and counting: The midterms’ biggest loser isn’t Trump. It’s Elon Musk
The world’s richest man invested heavily to back Republican candidates, much of it in Texas. He wasted his money and now faces obstacles to his artificial intelligence ambitions.
Elon Musk donated around 4 billion kronor to Republicans in the midterm elections, according to Fox News. However, the billionaire is taking the election loss in stride. "I guess my election-influencing space laser didn't work this time," he writes on X.
The controversial tech entrepreneur invested more than 225 million to boost conservative candidates in Texas, where he moved the headquarters of his companies.His estate was reduced by 33 billion after the blue wave of elections
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