Voters Set $400M of Elon Musk's Money on Fire

Elon Musk spent more than $400 million backing Republicans in the 2026 midterms, including nearly $87 million on advertising in 42 races and more than $229 million routed to other political groups. The results sharply undercut that investment: among decided races where his spending could be traced, more than 99 cents of each dollar went toward candidates who lost. America PAC’s candidates lost 20 contests and won one, with 21 still undecided. In six called Senate races where the PAC ran ads, Musk’s side lost every time, including contests in Ohio, Michigan, Iowa, and Maine.

Texas was the costliest test. Musk-funded groups spent heavily to defeat Democrat James Talarico and elect Republican Ken Paxton, whose record included fraud charges, bribery allegations, and impeachment. Talarico won, while Democrat Gina Hinojosa defeated Governor Greg Abbott, putting Democratic officials in position to influence Musk’s substantial Texas interests, from tax incentives to SpaceX and Tesla projects. In Michigan, Abdul El-Sayed overcame millions spent against him and won the Senate race; voters also approved restrictions on political donations from utilities and large contractors. In Kentucky, Musk-backed efforts to promote Nate Morris collapsed after he withdrew, and Andy Barr won the seat. The losses could also intensify scrutiny of Musk’s companies, as Democrats have discussed investigations and promised oversight.