Elon Musk spends $450 million on defeated Republicans
By the AFREEQUE newsroom, based on MyJoyOnline
Elon Musk devoted nearly $450 million to Republican candidates in the US midterm elections, without preventing a clear Democratic victory. The billionaire had invested at least $45 million in Ken Paxton in Texas, according to a BBC analysis of electoral finance data.
Elon Musk’s spending in support of Republican candidates in the US midterm elections reached nearly $450 million, a record for an election cycle, according to a BBC analysis. It did not prevent Democrats from winning several major races, including the Senate race in Texas, where James Talarico defeated Ken Paxton.
Elon Musk reportedly devoted at least $45 million to Ken Paxton’s campaign, according to electoral finance data analysed by the BBC. He also spent several million dollars on races in Arizona, Michigan, Wisconsin and Minnesota. The SpaceX chief appeared to acknowledge his defeat on X on Tuesday, joking about the failure of his “space lasers interfering with elections”.
The result could bring increased political scrutiny of SpaceX and its activities. The company has secured around $10 billion in new government contracts since Donald Trump’s re-election, while Democratic lawmakers are calling for an examination of its role in the public and national security sectors. The development of data centres by SpaceX and other technology companies could also be slowed by measures adopted in several states, including Georgia.
Companies specialising in artificial intelligence could face increased scrutiny and new regulations, although any legislation would have to be approved by Donald Trump. James Flintoft, head of investment solutions at AJ Bell, believes Musk’s unsuccessful spending and the scale of the Democratic victory are ushering in a period of uncertainty for investors. The development comes after James Talarico’s victory in Texas and the Democrats’ capture of both chambers of Congress, announced on 3 and 4 November in James Talarico’s victory in Texas and Democratic majority in Congress.
