Musk-backed candidates lose midterms despite financial backing

France24 - Nov 4, 2026

Shares of Tesla and SpaceX dropped after the Democratic party swept to power in America's midterm elections. Their founder, tech titan Elon Musk, poured over $440 million into Republican candidates and causes, the single biggest campaign donor in the election cycle. But his investment fell flat, as his preferred candidates lost races in Texas, where he has put down roots.

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