Musk’s midterm spending coincided with losses for backed candidates and market declines

Politics · First reported 4 Nov, 10:39 · Updated 10:55

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

CNBC reports that Elon Musk spent at least $474 million on the midterms, while many candidates backed by his America PAC lost and voters approved some local data-center restrictions. Business Insider says Tesla and SpaceX shares fell around 4% premarket after Democrats’ Texas victories.

CNBC says Musk spent at least $474 million on the midterms, including $224 million in Texas; the candidates it identifies as his favored Republican nominees lost.
The same report says Republicans backed by Musk’s America PAC lost 29 races and won three by Wednesday morning, with 12 races still uncalled.
Business Insider reports Tesla and SpaceX shares fell around 4% premarket after Democrats won a string of midterm victories in Texas.

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Key facts

Musk’s reported midterm spending: At least $474 million, including $224 million in Texas.
America PAC races: Nearly $87 million across 44 federal races; 29 losses, three wins, and 12 uncalled by Wednesday morning.
Reported share movement: Tesla and SpaceX shares fell around 4% premarket on Wednesday.
Local data-center measures: At least 10 communities approved bans or restrictions, according to CNBC.