Elon Musk spending fails as Democrats gain control of US Congress

Elon Musk spent almost $500 million during the 2026 United States midterm elections, setting an individual record for election spending, according to the BBC and The Verge Tech. Fortune placed his total contribution at least $474 million, noting that the sum was nearly double his spending in the 2024 presidential election. Despite this funding, Democrats took control of both the House of Representatives and the Senate in the elections on November 3, 2026, Fortune reported. [1][2][3][4][14]

The election outcomes included Democratic victories in several Senate races. Fortune reported that Democrats flipped Senate seats in Texas, South Carolina, North Carolina, Kansas, and Ohio. In Texas, Democratic senator-elect James Talarico defeated Republican candidate Ken Paxton in the most expensive Senate race to date, according to The Verge Tech and Fortune. Musk contributed around $200 million toward election efforts in Texas, Fortune reported. [2][4][5][7]

Musk is the chief executive officer and largest shareholder of Tesla and SpaceX. He became the wealthiest person in the world in 2025 and reached a net worth estimated at $1.1 trillion by October 2026. Prior to leading these companies, he co-founded Zip2 and X.com, which later became PayPal. [13][15]

The political shift could alter government oversight of artificial intelligence and technology firms. James Flintoft, head of investment solutions at AJ Bell, told the BBC that the results bring a period of uncertainty for investors as they assess potential regulation. Following the election results, Democratic Senator Ed Markey posted on social media platform X that technology industry executives would face congressional subpoenas, the BBC reported. [1]