Musk's $474M midterm bet collapses as Texas flips blue, Tesla and SpaceX shed $420B
Record-breaking political spending failed to save Republicans, and markets have punished Musk's companies for two straight days.
What to know
- Musk's roughly $474 million in midterm spending — a record for an individual donor — failed to stop a Democratic sweep of Congress, including Texas flipping blue.
- Tesla and SpaceX lost a combined $420 billion in market value over two trading days following the results.
- Texas's incoming governor plans a data-center moratorium, directly threatening infrastructure plans tied to Musk's businesses, and Cameron County, home to SpaceX's launch site, backed Democrats.
- Congressional Democrats have signaled they will investigate DOGE, government contracts and conflicts of interest tied to Musk once they take control.
The dispute Whether the midterm failure represents a genuine check on billionaire political influence or merely a cosmetic loss while Musk and peers retain their wealth and power. · positions read across 99 posts and comments
Musk's defeat is satisfying and deserved; his losses and investors' losses are welcome.
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“Elon Musk spent $474 million on the midterms and lost. Someone put on the Beatles' "Can't Buy Me Love".”
randahl@mastodon.social · Mastodon ↗
This isn't a real setback — billionaires keep winning regardless of election outcomes.
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“The wave didn't hurt them, at all. If anything, they will just adopt some friendly mascot protocols "Yay Democracy/Go Blue team!" While they revel in the fact that they made hundreds of billions of untaxed dollars in 2 years for the price…”
CyberSmith31337 · Reddit ↗
Both parties are bribable by the rich; this is less a partisan victory than proof of a uniparty.
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“I mean let's not pretend the Democrats are impervious to bribery. I am happy to see the blue wave, but I am not going to sit here and act like Pelosi and others haven't been lining their pockets with billionaire bucks for decades.”
CyberSmith31337 · Reddit ↗
Elon Musk Tesla/SpaceX CEO and top midterm donor
Ken Paxton Texas Republican candidateTexas governor-elect Incoming Texas governor (Democrat)Congressional Democrats Incoming majority in the House and Senate
How it unfolded 7 developments, newest first · click a bar or a number to jump articlesvideospostscomments
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background
Cameron County, home to SpaceX's launch site, backed Democrats — Reporting found that Cameron County, Texas, which hosts SpaceX's Starbase launch facility, voted strongly Democratic despite Musk's heavy spending in the state.
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Outlets converge on verdict: Musk's spending was a flop
Reuters, the Guardian, the Washington Post, CNBC and others published analyses concluding Musk's record midterm spending yielded little, with billionaire political influence and possible investigations into DOGE and his contracts now part of the story.
“Tell your congresspeople! You must break Elon Musk. Make him a scarecrow for the other members of his class.”
— jalefkowit@hachyderm.io (quoting Defector), Mastodon user · source -
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“.. It was a stunning failure. Now the onetime trillionaire is all but certain to face investigatory scrutiny and financial pressure with newly empowered Democrats in control ..” @nytimes.com $SPCX $TSLA
2 more of the top 3 · 49 posts in this stretch
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Elon Musk stocks are down after the midterms $TSLA -11.5% $SPCX -8.5% Of note, Texas flipped blue, and the governor-elect wants a data center moratorium Elon Musk spent $474 million backing Republican candidates and groups during the 2026 U.S. midterm elections
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Here’s your daily dose of Elon Musk schadenfreude https://www. cnbc.com/2026/11/05/tesla-spac ex-stocks-fall-after-2026-midterms.html # uspol
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Combined Musk-company losses reach $420 billion in two days
Tesla (-11.5%) and SpaceX (-8.5%) extended losses, bringing the two-day combined market-cap decline to over $420 billion; Texas's governor-elect signaled a data-center moratorium that threatens Musk's buildout plans.
“Of note, Texas flipped blue, and the governor-elect wants a data center moratorium…”
— @unusual_whales -
first by TESLARATI, 4d ago · also Motley Fool, Hindustan Times, Barron's Online, NYT
4 more headlines
- Was Elon Musk the Midterms' Biggest Loser? What It Means for Tesla and SpaceX Investors Motley Fool · 4d ago
- Musk feels brunt of Democrats' midterm win as Tesla, SpaceX shares fall Hindustan Times · 4d ago
- Tesla, SpaceX Stocks Are Down. It's the Midterms. Barron's Online · 4d ago
- Musk Faces Setback as SpaceX and Tesla Stocks Tumble on Midterm Election Results Mastodon · 4d ago
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first by CNBC, 2d ago · also HN Frontpage, Anadolu Agency
2 more headlines
- Tesla and SpaceX lose over $420B in combined market cap in the two days HN Frontpage · 2d ago
- Tesla, SpaceX lose $456B in market value after US midterm elections Anadolu Agency · 2d ago
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Elon Musk spent nearly half a billion dollars on the midterms + got very little to show for it. @reuters.com looks at what the Democratic sweep of Texas means for his various businesses.
2 more of the top 3 · 14 posts in this stretch
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Elon Musk, the South African Trillionaire, spent $250M to keep the corrupt Texas Republicans in charge - it failed! Musk moved to Texas to escape Democrats — now they’re in charge After leaving California amid clashes with Democratic leaders, Musk finds himself facing a new crop of Democratic officials in the state he’s made his home. #…
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I think it's more about him making Texas ground zero essentially for Tesla factories and more critically, for SpaceX, the environmental harm he's getting away with and the company town he's been trying to build there. Sure, the trillionaire could afford up and move it all financially, but not logistically.
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Tesla and SpaceX shares drop $165 billion on election results
Shares of Tesla and the private valuation of SpaceX fell sharply the day after the vote as Texas's political shift raised doubts about regulatory and business conditions for Musk's companies.
“Elon Musk suddenly deleting his political posts after the Democrats won Congress in a landslide. With investigations into DOGE, government contracts, and conflicts of interest coming, dude is shook. 👀…”
— @cwebbonline, X user · source -
first by MarketWatch, 3d ago · also Business Insider, Quartz, Anadolu Agency, Bloomberg, New York Times, New York Post +2
9 more headlines
- Tesla and SpaceX Shares Drop After Elon Musk's Election Bet Backfires Business Insider · 3d ago
- Shares of Tesla and SpaceX fall after Elon Musk's midterm election bet backfired Quartz · 3d ago
- Musk’s Tesla, SpaceX slide as Democrats take control of Congress Anadolu Agency · 3d ago
- Musk's Tesla, SpaceX Slide as Democrats Sweep Congress Bloomberg · 3d ago
- Shares of Elon Musk's Tesla and SpaceX Tumble After Republican Losses New York Times · 3d ago
- Musk's Tesla and SpaceX Slide on Midterm Results Bloomberg · 3d ago
- Shares of Elon Musk's Tesla and SpaceX Tumble After Republicans Are Routed New York Times · 3d ago
- Elon Musk suffers midterm blow as SpaceX, Tesla plummet: 'My election-interfering space lasers didn't work' New York Post · 3d ago
- Shares of Elon Musk’s Tesla and SpaceX tumble after Republicans routed in midterms Chicago Tribune · 3d ago
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first by Investopedia, 4d ago · also Investor's Business Daily, Hindustan Times, WSJ US Business, Politico, Politico Europe
4 more headlines
- Tesla, SpaceX Dive As Elon Musk's Big GOP Election Bet Fails Investor's Business Daily · 4d ago
- Trump ally Elon Musk's Tesla, SpaceX shares fall as midterm blue wave unfolds Hindustan Times · 4d ago
- Shares in Elon Musk’s SpaceX, Tesla Fall Premarket After Democrats Sweep Midterms WSJ US Business · 4d ago
- Elon Musk suffers major blow in US midterms Politico · 4d ago
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Elon Musk suddenly deleting his political posts after the Democrats won Congress in a landslide. With investigations into DOGE, government contracts, and conflicts of interest coming, dude is shook. 👀
2 more of the top 3 · 21 posts in this stretch
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Elon Musk contributed $474 million to this year's midterm elections. That fucker has nothing to show for it. But that amount of money could fund a NASA Discovery-class mission competition. So we could show further exploration of the cosmos for it.
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Elon Musk spent $474 million backing Republicans in the midterm elections. Democrats won the House and Senate. Today, Tesla and SpaceX lost $165 billion in combined market value.
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Democrats sweep Congress and flip Texas, including Musk's home turf
Democrats won the House and Senate in a landslide, and Texas flipped blue despite more than $150 million Musk funneled into the state, including $47 million backing Ken Paxton's campaign.
“Vote red today!”
— Elon Musk, Tesla/SpaceX CEO · source -
first by Baltimore Sun, 2d ago · also PBS NewsHour, Mercury News, Denver Post, Orlando Sentinel, Philadelphia Inquirer, Chicago Tribune +1
2 more headlines
- Elon Musk gambled $445 million to boost Republicans in the midterms. It came up short PBS NewsHour · 2d ago
- Elon Musk's millions fail to deliver Texas for the Republicans Mastodon · 1d ago
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first by BNN Bloomberg, 3d ago · also WSJ Tech, Hindustan Times, Investing.com News, Reuters, NBC News, Straits Times
3 more headlines
- Elon Musk's Political Fortunes Run Into a Blue Wave Wall Street Journal · 3d ago
- Elon Musk's business empire faces political headwinds as Texas turns blue in Democratic wave Hindustan Times · 3d ago
- Elon Musk’s business empire braces for Democratic wave as Texas flips blue Investing.com News · 3d ago
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WAPO: “.. Elon Musk posted ‘Vote red today!’ early Tuesday morning. By Wednesday, after a midterm sweep that rendered a waste the more than $150 million he'd spent in Texas alone, the post was no longer on his profile. @washingtonpost.com
2 more of the top 3 · 8 posts in this stretch
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What an utterly horseshit article. The tech billionaires made more money in the last 2 years than entire nations. They subverted the laws, illegally lobbied and constructed data centers without permits, meddled with elections (unsuccessfully) and have been working overtime to interfere with foreign elections, too. The wave didn’t hurt them, at…
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Elon Musk's preferred US midterm candidates, including Ken Paxton and Vivek Ramaswamy, lost almost everywhere; Musk spent $446M, a record for a non-candidate (Calder Mchugh/Politico) https://www. politico.eu/article/elon-musk- dealt-major-blow-in-midterm-elections-2026/ http://www. techmeme.com/261104/p19#a26110 4p19
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Musk deletes political posts and jokes about the loss
After the results, Musk removed his pro-Republican posts and sarcastically referenced 'space lasers' failing to sway the election; commentators linked the deletions to looming congressional scrutiny of DOGE and his government contracts.
“Looks like my space lasers for interfering in elections didn't work this time 🤷♂️…”
— Elon Musk -
first by Axios, 3d ago
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More money will be spent in this election than in any previous midterm — and Elon Musk's contributions make him the largest individual contributor in an election cycle since Michael Bloomberg contributed $1bn to his own 2020 presidential campaign
2 more of the top 3 · 6 posts in this stretch
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‘The top individual donor is billionaire businessman Elon # Musk , who has spent almost half a billion dollars backing # Republican candidates, particularly in # Texas where many of his companies are based.’ Just living this report from 2 days ago on BBC that is juxtaposed with the actual live results… https://www. bbc.co.uk/news/articles/cqkgk6…
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Musk jokes about Republicans’ defeat in US elections Elon Musk has sarcastically commented on the Republican Party’s poor performance, writing on X: “Looks like my space lasers for interfering in elections didn’t work this time 🤷♂️” According to The New York Times, the
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Musk urges supporters to 'Vote red' on election day
Musk posted a get-out-the-vote message backing Republicans on the morning of the midterm elections; the post was later deleted after the results came in.
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first by Snopes, 3d ago
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Zeteo reports Musk's record $474M midterm spending tally
An analysis totals Elon Musk's contributions to Trump and Republican midterm candidates at $474 million, framing it as the equivalent of pocket change for everyday donors relative to his net worth.
“Musk has spent $474 million to help Trump and Republicans win the midterms. For everyday Americans, it's the equivalent of buying a few IMAX tickets.”
— Zeteo -
first by BBC Business, 3d ago · also Rolling Stone, BBC
3 more headlines
- Elon Musk Reacts to GOP’s Stunning Midterms Loss After Spending Over $474M on Republican Races People.com · 3d ago
- The Midterms' Biggest Loser Is Elon Musk Rolling Stone · 3d ago
- Elon Musk's millions failed to deliver Republican wins in fierce midterms BBC Business · 3d ago
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3 outlets Elon Musk jokes about Republicans' midterm elections defeat after spending record sums on party
first by Moneycontrol.com, 4d ago · also The Hindu, RTE News
2 more headlines
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RT: @prem_thakker This is… insane: “Musk has spent $474 million to help Trump and the GOP win the midterms…roughly 0.05% of his net worth.” “If you compare his worth to the median American’s, Musk’s political spending this election cycle is equivalent to $116.” https:// zeteo.com/p/elon-musk-474-mill ion
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Also covered reported alongside — the timeline has no entry for these yet
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first by Gizmodo, 3d ago · also Tom's Guide, Fast Company, Vanity Fair
3 more headlines
- Elon Musk spent nearly $500 million on the midterms and lost big — now his AI empire faces a new threat Tom's Guide · 3d ago
- Elon Musk spent nearly $500 million on the midterms. It bought him almost nothing Fast Company · 3d ago
- Elon Musk Spent $474 Million on the 2026 Midterm Elections. On Election Day, He Fell Silent. Vanity Fair · 3d ago
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first by Mastodon, 2d ago · also Forbes, Fortune
1 more headline
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first by Sydney Morning Herald, 3d ago · also Boston Globe, Guardian US
2 more headlines
- The biggest loser of the 2026 midterms wasn’t Trump. It was Elon Musk. Boston Globe · 3d ago
- Was Elon Musk the US midterms' biggest loser? – Stateside with Kai and Carter Guardian Tech · 3d ago
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first by Newsweek, 2d ago · also Guardian
1 more headline
- Elon Musk’s nearly half a billion dollars in midterms spending was a flop The Guardian · 2d ago
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first by NYT, 1d ago · also NYT Politics
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first by Los Angeles Times, 1d ago · also LA Times
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first by New Republic, 3d ago · also Times of India
1 more headline
- Midterm gamble, sliding stocks: Elon Musk's pricey election hangover continues Times of India · 3d ago
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first by Washington Post, 3d ago · also The Washington Post
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first by NewsMax.com, 4d ago · also Arab News
1 more headline
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first by Straits Times, 4d ago · also Business Insider
2 more headlines
- Elon Musk's Midterm Efforts Flopped. Now, His Stocks Are Taking a Hit Too Inc.com · 4d ago
- Elon Musk's Texas-sized midterms failure Business Insider · 4d ago
and 30 smaller pieces
What people are saying 11 voices from 5 sites · best of 99 · verbatim
- Will threatened congressional investigations into DOGE and Musk's government contracts actually materialize once Democrats take control?
- Will Musk continue large-scale political spending ahead of 2028 after this result?
- Nov 6
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I find this quite interesting, particularly the disparity in voter enthusiasm.I wonder if this experience (and massive expenditure) has taught Elon to maybe back out of politics for a while and focus on his many businesses.Among other things, he needs to face up to the fact that his politics have turned off some percentage of potential customers…
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Don't forget though: https://www.cnbc.com/2024/12/11/tesla-reaches-record-boosted...> Tesla shares close at record high, boosted by 69% pop since Trump election victorySPCX was not public back then, but I suspect it would have followed similar trends. In any case, Elon's still come out ahead. For now.
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> break Elon Musk on the fucking wheel. The level of wealth he has attained would make him an existential threat to democracy even if the United States had reasonable campaign-finance laws, which it does not, and even if Musk were not, personally, an open and explicit enemy of pluralism, of the rule of law, and of racial and gender equality, which…
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SWEEEEET- "Musk stocks erase $130billion as Texas blue wave hits home" - @bloomberg.com
- Nov 5
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This analysis would be more convincing if other major tech companies hadn't fallen a similar amount today. It's a broad tech selloff.Also, what's with this site? It only has a single article.EDIT: Judging from the URL/title, it's some (AI-generated?) thing that reuses the title from
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The conversation of datacenters has nothing to do with hosting websites which have existed for decades. Its the new AI training datacenters running GPUs at max power 24/7 we're talking about that overload local power grids and water sources increasing costs to people's utilities and in general being loud ugly eyesores plopped into communities…
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Discussions yesterday:BBC Elon Musk's millions fail to deliver Texas for the Republicans in fierce midterm (52 points, 18 comments) https://news.ycombinator.com/item?id=50369201Wired Voters Set $400M of Elon Musk's Money on Fire (18 points, 13 comments)
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That spending may not have resulted in the intended outcome, but its influence was very real. As a person living in Texas getting not quite a dozen texts and postal mailers every single day I absolutely felt the influence. If it wasn't for this constant reminder continually reinforcing the failures and non-issues from a single party I don't think…
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If your 401K is bleeding today, like mine, find small solace in schadenfreude of Elon, Inc., losing a half-trillion in market cap. Poor Elon's worth only $789.5B. The 'Musk selloff' deepens as Tesla and SpaceX combine for $456 billion two-day wipeout https://www. morningstar.com/news/marketwat…
- Nov 4
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I mean let’s not pretend the Democrats are impervious to bribery. I am happy to see the blue wave, but I am not going to sit here and act like Pelosi and others haven’t been lining their pockets with billionaire bucks for decades. Red or blue doesn’t matter to the rich; it just dictates the price tag for their costs. Seems like red is cheaper than…
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Musk was among the biggest losers of midterms, after spending $446 million—$200 million on Texas-related efforts—to boost candidates that failed to win their races. His preferred candidates across US were swamped, losing almost everywhere. His plans for a buildout of data centers across Texas are e...