Musk Spends Big on Republican Candidates

Billionaire Elon Musk reportedly spent nearly $474 million (over ₹4,000 crore) backing Republican candidates in the 2026 US midterm elections, according to international media reports. The Tesla and SpaceX chief directed substantial funds towards helping President Donald Trump’s Republican Party retain control of Congress, with a significant portion going to key races in Texas. However, Democrats secured victories in both chambers of Congress, dealing a major setback to Musk’s political strategy. In Texas, Democrat Gina Hinojosa also defeated Republican incumbent Greg Abbott to become the state’s first Democratic governor in more than three decades.

The Democratic victories have renewed discussions about possible congressional investigations into Musk’s business interests and government-related activities. Democrats have previously raised concerns over government contracts and subsidies awarded to SpaceX, as well as Musk’s role in the Department of Government Efficiency (DOGE) and its workforce reductions. The election results have intensified questions about his political influence and business interests. Musk responded to the outcome with sarcastic posts on X. Despite spending nearly half a billion dollars to support Republican candidates, his preferred candidates suffered significant defeats, highlighting the limits of money in electoral politics.