Elon Musk loses $474 million after the defeat of Republican candidates he supported in the US elections

The Democrats’ victory in the US midterm elections held on November 3, 2026, caused Elon Musk major political and financial losses. The billionaire spent at least $474 million supporting Republican candidates, including $224 million in Texas, but the candidates he backed were defeated.

In Texas, Democrat Gina Hinojosa is considered the winner of the race for governor, defeating Republican Greg Abbott, while Republican Senate candidate Ken Paxton lost, according to results cited by the US media. The political shift represents a major blow to Musk, whose companies, Tesla and SpaceX, are headquartered in the state.

In Wednesday’s premarket trading, SpaceX shares fell 4.6%, while Tesla shares dropped 4.4%. Investors fear that Democratic administrations could impose restrictions or moratoriums on data centers, affecting infrastructure projects for artificial intelligence. SpaceX is developing several projects in Texas.

Meanwhile, shares of Nvidia, Alphabet, Meta, and Microsoft rose by 1–2%, Amazon gained 2.7%, and AMD climbed 6.3% following the release of financial results. Nasdaq-100 futures advanced 1%.