Musk Donates $474 Million in Midterm Elections Yet Faces Defeat, Donation Amount Nearly Twice That of 2024 Election

On November 5 that according to Fortune, Elon Musk donated at least $474 million to Republican candidates for the 2026 midterm elections, nearly double the amount contributed ahead of the 2024 presidential election, with approximately $200 million directed to Texas. Election results showed that Republican Senate candidate Ken Paxton and Governor Greg Abbott both lost to their Democratic opponents.

Musk also donated $30 million to the Congressional Leadership Fund and $44 million to other Republican groups and candidates. Shares of SpaceX and Tesla, both headquartered in Texas, fell on Wednesday following the announcement of the election results.