Elon Musk's business empire braces for Democratic wave as Texas flips blue
- On Tuesday, Texas Governor-elect Gina Hinojosa ousted Governor Greg Abbott, delivering a significant political defeat to billionaire Elon Musk, who reportedly spent around $180 million on Texas Republican races.
- Aiming to protect his business interests, including Tesla and SpaceX, Musk poured nearly half a billion dollars into Republican campaigns to keep Texas red.
- Following the election results, SpaceX shares fell 3.8% and Tesla dropped 3.6% Wednesday, while Senate-elect James Talarico defeated Attorney General Ken Paxton by nearly 40 points in Cameron County.
- Governor-Elect Hinojosa, who declared 'Texas belongs to us' during her victory speech, now holds authority to implement a data-center moratorium affecting Musk's operations.
- While political science professor Brandon Rottinghaus notes Musk remains a 'cornerstone' of the regional financial empire, his political influence appears waning after the Democratic sweep.
93 Articles
93 Articles
DECRYPTAGE - Despite the hundreds of millions invested during the campaign, the boss of Tesla and SpaceX saw the democrats win an important victory in the Republican bastion and weaken his industrial empire.
Democrats' Midterm Victory Raises New Questions Over Elon Musk's DOGE Role and US Govt Contracts
Democrats' takeover of both chambers of Congress could lead to investigations into Elon Musk's DOGE leadership, political spending, government contracts and potential conflicts of interest
Tesla CEO Elon Musk’s political bet, having poured over $450 million (approximately 610.2 billion won) in political funds into Republican candidates, has ended in failure in the U.S. midterm elections. This is because the Republican candidates he supported suffered successive defeats in the federal Congress and key elections in Texas. The pro-business policies Musk had hoped for have been shaken, and the data centers and semiconductors being pur…
Elon Musk was not on the ballot on 3 November, but he has much to lose from the categorical victories achieved by the Democrats in the United States elections, both in the House of Representatives and in the Senate. This was felt the most precisely in Texas, the state where the central offices of...
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