Musk's $474 million Republican backing loses value as Democrats seize data-centre policy
The Age reported on 5 November that Elon Musk's $474 million spending on Republican candidates, particularly in Texas, had lost value after the 2026 midterm elections gave Democrats control of Congress and state legislatures, coinciding with a $42 billion drop in his net worth and a shift toward Democratic-led data-centre regulation. Earlier, CNBC noted on 3 November that Musk's America PAC poured a record $474 million into the 2026 midterms, yet most supported Republicans lost, prompting declines in SpaceX and Tesla shares.
The same day, NDTV highlighted Musk's sarcastic post about alleged space-laser influence and his interest in space-based data centres, while Texas senator-elect James Talarico condemned the billionaire's social-media sway. The BBC had previously disclosed that Musk's PAC contributed $47 million to Ken Paxton's Senate campaign, but the donation did not prevent the seat from flipping to a Democrat in the 2024 election.
