Elon Musk was the 2026 midterms’ largest donor. He’s already one of its biggest losers.
Musk, the world’s richest person, donated at least $446 million ahead of the midterms. The biggest recipients of Musk’s largesse were America PAC, his super PAC, and the top super PACs of Senate and House Republicans.
Musk chose to make his biggest play in Texas, his adopted home state and the headquarters of Tesla and SpaceX. In September alone, Musk donated $158 million to Senate Republicans’ main super PAC, which was quickly routed to a super PAC supporting GOP candidate and Texas Attorney General Ken Paxton. In addition to those donations, Musk’s America PAC has spent over $47 million against Democratic nominee James Talarico. All told, The New York Times reported that Musk spent roughly $224 million in the state.
Talarico won the Senate race, flipping the seat to the Democrats, per the Associated Press.
At 4:17 a.m. on November, the Associated Press called the gubernatorial race: House Rep Gina Hinojosa, also a Democrat, will be the state’s next governor.
Democrats’ decadeslong dream — and Musk’s nightmare — came true: Texas is blue. Democrats have also won control of both the House and Senate, according to the AP.
Talarico, who had increasingly targeted Musk, compared his victory to the biblical tale of David defeating Goliath.
“The richest man in the world, the most powerful man in the world, and the entire Washington D.C. 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 slingshot.”
Musk’s bets reflect his statements that the midterms offered Republicans a chance to build up a defense to Democrats potentially sweeping control of Washington in 2028. In such a scenario, Musk said he is worried that Democrats will grant Washington, DC and Puerto Rico statehood 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 the end of democracy in any meaningful sense of the word,” Musk wrote on X on October 30.
Once an Obama supporter, Musk has swung hard to the right in recent years. He has quickly surpassed the Koch brothers, Elizabeth and Richard Uihlein, and other megadonors to become the biggest spender in the GOP.
Musk has also indicated that he’s aware Democrats are eager to haul him in front of Congress.
“Live by the sword, die by the sword,” Musk wrote on X in October. “Those who pick fights with me should understand that I will find out who is really pulling the strings and come for them, not just their puppets …”
Musk’s ROI has been mixed
In the 2024 elections, Musk spent more than $290 million, the vast majority of which was directed to helping President Donald Trump retake the White House.
For his efforts, Musk later became the effective leader of the White House DOGE office. In early 2025, DOGE’s sweeping mandate helped make him one of the most powerful people in the entire government.
Musk returned to the campaign trail in 2025, spending over $20 million between himself and allied super PACs on a Wisconsin state Supreme Court election. He even donned one of the Green Bay Packers’ famous cheeseheads. This time, Musk’s spending wasn’t enough. His favored candidate lost by more than 10 points.
Musk’s midterm spending has confirmed his continued support for Republicans, something he briefly threw into question during his falling-out 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 tantalizing for 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 appears their campaign is dead in the water.
Now that the midterms are wrapped up, the 2028 presidential primaries are around the corner. Musk may want to get his checkbook ready.
Aditi Bharade contributed additional reporting.
