Musk's roughly $500m backing of GOP midterm candidates falls short; Tesla, SpaceX shares slide
Elon Musk committed close to $500 million to support Republican candidates in the 2026 US midterm elections. Democrats ended up winning control of both chambers of Congress, a result that went against the financial bet Musk had placed. Shares of Tesla and SpaceX declined following the outcome, while the broader market rose. The episode showed that Musk's large political spending did not secure the influence he had expected.
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