Musk laughs off midterm election drubbing after pumping $445M
What's the story
Elon Musk took to social media to laugh off the election drubbing in the US midterms after a disappointing outcome for his preferred Republican candidates. The billionaire had spent a record $445 million on the midterm elections, backing Republican candidates, particularly in Texas, where many of his companies are based. This made him the biggest individual donor in modern history. "Guess my election-interfering space lasers didn't work this time," Musk joked.
Spending details
Musk's investments in Texas Senate race
Musk's massive spending was mostly funneled through Super Political Action Committees (Super PACs), which can accept unlimited contributions.
His biggest investments were in the Texas Senate race, backing Republican candidate Ken Paxton against Democrat James Talarico.
The America PAC he set up in 2024 also invested over $45 million in this race.
Additional donations
Other billionaires' contributions to political causes
Apart from Musk, other billionaires also contributed heavily to political causes. George Soros's organizations donated $102 million to liberal groups, while Michael Bloomberg gave over $60 million as the biggest Democratic donor.
Most of the campaign funds were spent on advertising, especially on television. AdImpact tracked that over $11 billion was spent on advertising until October-end this cycle.