Elon Musk spent $474 million on midterms and most candidates lost
Most of Musk's midterm money went to losing candidates
Elon Musk put $474 million into Tuesday's US midterm elections. Based on polling estimates after a Democratic sweep, about 98% of that money went to candidates who lost.
A separate trace by Wired put the share even higher, at 99% to losers. The figures are estimates, not confirmed final results from the source material.
Key numbers reported in the source
- $474 million funneled into the midterms, according to the headline figure in the source.
- About 98% to losing candidates, based on polling estimates.
- 99% to losers, according to Wired's trace.
- An estimated $33.5 billion fall in Musk's net worth within 24 hours of polls closing.
- At least $225 million steered into Texas, by OpenSecrets' count.
How federal filings trace the money
Most of the donations went to Republican super PACs. A super PAC is a political action committee that can raise unlimited amounts of money.
Federal filings trace the money through three main groups. America PAC, Musk's own group, collected roughly $216 million. The Senate Leadership Fund took $168 million. The Congressional Leadership Fund, which backs House Republicans, took $30 million.
The source also gives a different round figure in one line, referring to $400 million and an estimated 98% going to losing candidates. That differs from the $474 million headline figure, so the exact total is not presented consistently in the source.
Texas Senate race drew the largest share
Ken Paxton, Musk's candidate in Texas, lost to Democrat James Talarico by a double-digit margin. The source calls it a surprising upset for the historically conservative state.
Ad-tracking firm AdImpact called the Texas Senate contest the costliest Senate race on record for political advertising. It reported $573 million in spending and reservations through October 30. Musk was the largest single donor to that race, and his candidate lost.
What is confirmed and what is estimated
Confirmed in the source are the filing amounts for the three groups, the Texas loss, and the reported market moves for Tesla and SpaceX on Wednesday. Estimates include the 98% and 99% shares to losers, the $33.5 billion net worth decline, and The Atlantic's estimate that Musk's giving was about a quarter of all donations Republicans received for this week's midterm campaigns.
Musk's net worth fell as Tesla and SpaceX shares dropped
Tesla fell more than 5% in early trading on Wednesday and closed 3.3% lower than Tuesday's close. SpaceX, described in the source as public only since June, dropped more than 7% premarket and closed 3.8% lower than Tuesday.
Bloomberg's Billionaires Index put Musk's one-day net worth decline at $33.5 billion, a 3.7% drop to $865 billion, even while the broader market rallied. XTB research director Kathleen Brooks said: "There is now a political risk premium attached to both Tesla and SpaceX that could weigh on their share prices."
Musk posted about data centers in space and about election-interfering space lasers. He also deleted his election day plea to vote Republican, according to the source.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.