Musk spent nearly $500 million on the midterms, but most of his candidates lost
Tesla CEO Elon Musk put nearly $500 million into backing Republicans in the US midterm elections, yet many of his chosen candidates lost. Some results are still outstanding.
In the US midterm elections, which renew Congress and many state offices, Tesla CEO Elon Musk was the largest individual donor, but the Republican candidates he backed performed poorly. According to Federal Election Commission (FEC) filings reported by Forbes, Musk spent nearly $500 million supporting Republicans. Some results, including Senate races in Mississippi and Alaska, have not yet been determined.
Scale of the spending
Musk outspent every other individual donor by a wide margin, exceeding the second-place billionaire couple, Dick and Liz Uihlein, by more than three times. CNBC reported that roughly $225 million went to Texas, where he lives.
Results
In Texas, Democrats won a Senate seat and the governorship, both by large margins. Several House seats and a number of state legislative seats also flipped to the Democrats.
Musk backed Republicans in 106 House and Senate races. So far 18 of his candidates have won, mostly in very safe Republican areas. He has lost 45 races, and another 43 have yet to be called, though many lean toward Democrats. Losses were recorded in states such as Maine, Michigan, Minnesota, Kansas and Iowa. The numbers may change as more races are called.
Before election day
Ahead of the vote, Musk warned that a Democratic win would mean "the end of democracy in any meaningful sense of the word." He also claimed that Texas Senator-elect James Talarico would "trans your kids."
Musk remains extremely wealthy, with his net worth estimated at around $898 billion.
