Elon Musk was the biggest donor in the 2026 midterm elections. He is already one of the biggest losers.
Musk, the world’s richest person, donated at least $446 million ahead of the midterm elections. The biggest beneficiaries of Musk’s largesse were America PAC, his super PAC, and the main super PACs of Senate and House Republicans.
Musk chose to make his largest piece in Texas, his adopted state and headquarters of Tesla and SpaceX. In September alone, Musk donated $158 million to the Senate Republicans’ main super PAC, which was quickly funneled to a super PAC supporting Republican candidate and Texas Attorney General Ken Paxton. In addition to these donations, Musk’s America PAC spent more than $47 million against Democratic candidate James Talarico. In total, the New York Times reported that Musk spent about $224 million in the state.
Talarico won the Senate race, giving the seat to Democrats, according to the Associated Press.
At 4:17 a.m. in November, the Associated Press announced the gubernatorial race: House Rep. Gina Hinojosa, also a Democrat, will be the state’s next governor.
The Democrats’ dream – and Musk’s nightmare – has come true: Texas is blue. Democrats also took control of the House and Senate, according to the AP.
Find out more about the 2026 Midterms:
Talarico, who increasingly targeted Musk, compared his victory to the biblical story of David defeating Goliath.
“The richest man in the world, the most powerful man in the world and the entire Washington DC establishment,” Talarico said during his victory speech. “David wasn’t as big or as strong as Goliath. He didn’t have as many weapons, but he had hope. He had faith and he had a sling.”
Musk’s bets reflect his statements that the midterm elections would offer Republicans a chance to build a defense against Democrats who could potentially take control of Washington in 2028. In such a scenario, Musk said he fears Democrats would grant statehood to Washington, D.C. and Puerto Rico and push far-left policies like offering legalization to people living in the country illegally.
“This would result in America becoming a permanent one-party state and ending democracy in every sense of the word,” Musk wrote on X on October 30.
Once an Obama supporter, Musk has shifted sharply to the right in recent years. He quickly overtook the Koch brothers, Elizabeth and Richard Uihlein, as well as other megadonors, to become the Republican Party’s biggest spender.
Musk also indicated that he was aware that Democrats were eager to present it before Congress.
“Live by the sword, die by the sword,” Musk wrote on X in October. “Those who argue with me need to understand that I will find out who is really pulling the strings and come after them, not just their puppets…”
Musk’s return on investment has been mixed
During the 2024 election, Musk spent more than $290 million, the vast majority of which went to helping President Donald Trump retake the White House.
Through his efforts, Musk later became the effective leader of the White House DOGE office. As of early 2025, DOGE’s broad mandate has helped make him one of the most powerful people in the entire government.
Musk returned to the campaign trail in 2025, spending more than $20 million between himself and allied super PACs on a run for the Wisconsin state Supreme Court. He even donned one of the Green Bay Packers’ famous cheeseheads. This time, Musk’s spending wasn’t enough. His favorite candidate lost by more than 10 points.
Musk’s midterm spending confirmed his continued support for Republicans, something he briefly questioned during his spat with President Donald Trump. In June 2025, Musk threatened to create a third party, called the America Party, but never seriously followed through on his plans.
He won’t have to wait long for his next opportunity. Few races are more enticing to donors than presidential elections. History also shows that a big donor (even one with fewer zeros in their net worth) can keep a struggling candidate afloat long after it seems like their campaign is dead in the water.
Now that the midterm elections are over, the 2028 presidential primaries are fast approaching. Musk might want to prepare his checkbook.
Aditi Bharade contributed additional reporting.
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