Musk's $474 Million Midterm Election Donations End in Losses, Nearly Double His 2024 Election Contributions

TechFlow news, November 5: According to Fortune, Elon Musk donated at least $474 million to Republican candidates for the 2026 midterm elections, nearly twice the amount he donated before the 2024 presidential election, with about $200 million directed to Texas. Election results showed that Texas Republican Senate candidate Ken Paxton and Governor Greg Abbott both lost to their Democratic opponents.

Musk also donated $30 million to the Congressional Leadership Fund and $44 million to other Republican groups and candidates. Following the release of election results, shares of SpaceX and Tesla, both headquartered in Texas, fell on Wednesday.

Source: TechFlow