Elon Musk spent at least $446m backing Republicans in the 2026 midterms, exceeding his nearly $290m outlay in 2024 and setting a record for election spending. Most of his money went through Republican-aligned political groups, including at least $216m to his America Pac and $168m to the Senate Leadership Fund. His effort focused on helping Republicans retain control of Congress, especially in Texas, where he backed Ken Paxton against Democrat James Talarico. America Pac spent at least $28m on anti-Talarico advertising, while Musk attacked the candidate on X. Democrats nevertheless won all five Senate races where America Pac spent the most, including contests in Texas, Michigan, Maine, Ohio and Iowa. In Texas, Republicans also lost the governor’s office and were expected to lose control of the state house.
The results left Musk with little electoral return and a changed political landscape. Democrats taking power in Congress and Texas could challenge the favorable regulatory climate and government relationships that have benefited his companies. Texas’s incoming governor, Gina Hinojosa, has called for a data-center moratorium and sought access to communications between Musk and Governor Greg Abbott; House Democrats have also promised investigations into Musk’s past government role and scrutiny of federal funding for his businesses. Still, the spending had effects beyond candidate victories: it helped make several races among the most expensive in US history and may foreshadow even greater spending in 2028. The defeats also sharpen the question of how much political influence vast personal wealth can actually buy.
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