By — Jesse Bedayn, Associated Press Jesse Bedayn, Associated Press By — Barbara Ortutay, Associated Press Barbara Ortutay, Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/politics/elon-musk-gambled-445-million-to-boost-republicans-in-the-midterms-it-came-up-short Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Elon Musk gambled $445 million to boost Republicans in the midterms. It came up short Politics Nov 5, 2026 5:44 PM EST AUSTIN, Texas (AP) — Elon Musk spent at least $445 million in a gambit to help Republicans keep control of Congress, an amount roughly equivalent to someone on a $100,000 annual salary saving every penny for 4,400 years. To the world's first trillionaire, it's a pittance, but the billions of dollars' worth of business his companies do with the federal government is not. And on Tuesday night, a Republican Party that had embraced Musk lost again and again, ceding control of Congress to a Democratic Party leery of the world's richest person and keen to put his companies and his work at the Department of Government Efficiency under a microscope. READ MORE: Supreme Court sides with Trump administration in…
Elon Musk gambled $445 million to boost Republicans in the midterms. It came up short
In short
Elon Musk invested hundreds of millions into midterm races only to see Democrats take control of Congress and achieve historic statewide victories across Texas. Democratic officials are now preparing inquiries into his business operations, which rely on billions of dollars in federal contracts, as well as his role at the Department of Government Efficiency. In Texas, victorious Democratic candidates campaigned aggressively against him by highlighting the significant subsidies his enterprises enjoy, including a $1.7 billion local property tax break.
Key points
- Democrats gained control of both congressional chambers and plan investigations into Musk…: Democrats gained control of both congressional chambers and plan investigations into Musk's firms and his government role.
- Musk faces elevated financial risks because his companies depend on billions of dollars i…: Musk faces elevated financial risks because his companies depend on billions of dollars in federal contracts.
- Texas Democrats broke a three-decade losing streak by turning Musk's corporate tax breaks…: Texas Democrats broke a three-decade losing streak by turning Musk's corporate tax breaks into a central campaign issue.