Musk's midterm election donations totaled $474 million, Texas candidates lost

According to Fortune, Elon Musk donated at least $474 million to Republican candidates for the 2026 midterm elections, nearly double the amount donated before the 2024 presidential election, with about $200 million directed towards Texas. The election results showed that Texas Republican Senate candidate Ken Paxton and Governor Greg Abbott both lost to their Democratic opponents.

Musk also donated $30 million to the Congressional Leadership Fund and $44 million to other Republican groups and candidates. After the election results were announced, the stock prices of SpaceX and Tesla, both headquartered in Texas, fell on Wednesday.