PoliticsElon Musk’s record election bet backfires, with backlash potentially reaching beyond one billionaire
Elon Musk’s $474 million election gamble faltered, while Democrats are threatening his Texas empire.

co-president
Senior Advisor to the President for Government Efficiency (2025–2025)
| Born | 1971-06-28 · Pretoria |
|---|---|
| Citizenship | South Africa (since 1971), Canada (since 1971), United States (since 2002) |
| Party | Independent |
| Offices |
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| Education | University of Pennsylvania (BA, BS) |
| Occupation | CEO and product architect of Tesla, Founder, CEO, and chief engineer of SpaceX, Founder and CEO of SpaceXAI, Founder and CTO of X Corp., Co-founder of Neuralink, The Boring Company, OpenAI, Zip2, X.com and PayPal, President of the Musk Foundation |
| Awards | Full list |
What this person said on the record, as reported, newest first.

Elon Musk warned that Democrats are preparing congressional investigations as MAGA Inc. launched a $277 million midterm campaign. Musk ran a project to cut US government spending and push nearly 300,000 employees out of work.
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Elon Musk’s $474 million election gamble faltered, while Democrats are threatening his Texas empire.

Shares of Elon Musk’s Tesla and SpaceX fell before Wednesday’s US market open after Democrats swept to control of Congress. The midterm “blue wave” is adding to concerns over tighter AI regulation, Max Chafkin reports on Bloomberg Open Interest.

Elon Musk joked online after Republicans lost to Democrats in the US midterms. He reportedly spent $446m backing Republican candidates, making him the election’s biggest individual donor. Musk also backed Texas Republican Senate candidate Ken Paxton, who lost to Democrat James Talarico.

Democrats made repeated attempts and came tantalizingly close on several occasions. Now they have finally achieved a goal that had eluded them for more than three decades: turning Texas blue.
Texas Attorney General Ken Paxton and Democratic state Representative James Talarico are in a close, high-stakes contest that could help decide control of the US Senate. CNN panels discuss the effect of Elon Musk’s large donations and the prospects of a Democratic wave in Texas.

The campaign finance watchdog Open Secrets estimates that the US midterms will cost nearly $12bn, a record. Elon Musk has spent almost $500m backing Republican candidates, while outside political groups have spent about $5.5bn. Ripple and Coinbase together gave $63m to super PACs promoting the crypto industry’s interests.

In a recap of episodes 4–6 of season 5, the panel discusses Trump and Republicans’ final push before the midterm elections, Senate debates, developments in the Ukraine-Russia war and Elon Musk’s record donations. Roy Wood Jr. hosts, with Amber Ruffin and Michael Ian Black and guests including Larry Wilmore, Rosebud Baker, Josh Gondelman, Adam Mockler, David Pakman and Jenny Hagel.

Elon Musk, the world’s richest man, is the election cycle’s largest single disclosed donor. His giving had topped $400 million by mid-October, including $158 million for Ken Paxton’s campaign. Spending in the Texas Senate race has reached $557 million, and the election is still underway, leaving Musk’s total financial impact uncounted.

Bloomberg reporter Emily Birnbaum discusses how Elon Musk’s record political giving is boosting Republican groups in the final days before the US midterms. Bloomberg News says Musk has contributed more than $445 million to political groups this election cycle, placing him among the biggest political donors ever. The segment also examines Republicans’ advantage in outside spending.

James Talarico, the Democratic nominee for U.S. Senate in Texas, released a new ad hitting back at Elon Musk’s attacks and spending.
