Elon Musk's political investments did not end with the conclusion of the U.S. midterm elections. Despite pouring nearly $500 million into this election cycle, the Republican candidates he supported lost in several key districts, but this political gamble has not been without commercial returns.

Since Trump was elected in 2024, Musk's SpaceX (SPCX.O) has secured billions in government contracts, and Tesla (TSLA.O) has benefited from the Trump administration's relatively lenient regulatory stance on the AI industry. Musk's personal net worth has risen from about $300 billion at the time of Trump's election to nearly $1 trillion.

Now that the Democrats have regained control of both houses of Congress, calls have emerged to cut government funding for SpaceX, with some even suggesting nationalization. Meanwhile, Musk has publicly listed the 2028 election as one of his greatest political concerns.

This world's richest businessman faced setbacks in the midterm elections, but he clearly has no intention of withdrawing from U.S. politics.

Nearly $500 million bet on Republicans, Texas becomes the biggest defeat battleground

Musk had shown signs of a brief political retreat. In 2025, he engaged in a heated dispute with Trump on social media, leading observers to speculate that the conflict could push him away from politics.

At the time, Musk was seeking approval from Tesla shareholders for what could be the largest executive compensation plan in history. The shareholder voting document, approved in early November 2025, indicated that this plan could grant Musk compensation of up to $1 trillion.

One of the reasons listed for increasing his compensation was to secure Musk's assurance that his political activities would "gradually decrease over time."

It turns out, Musk has not curtailed his political activities. During the 2026 midterm election cycle, he invested nearly $500 million, and the actual amount may be higher.

According to the Federal Election Commission (FEC) filing records, these figures do not yet include donations made since mid-October. Musk has previously provided funding to so-called "dark money" organizations, which typically do not disclose the sources of their funds or specific donors.

Based on the currently disclosed amounts, Musk is not only the largest political donor in the 2026 election cycle but also the biggest external political donor in all of U.S. history.

In comparison, Bloomberg founder and majority owner Michael Bloomberg contributed about $80 million to the Democrats from September to October to support the midterm elections.

However, the Democrats ultimately regained control of both the House and Senate, winning six out of the seven most closely watched Senate races. Most of Musk's political funding targeted these key elections, with the seventh, the Alaska Senate race, still undecided at the time.

Musk's biggest setback occurred in Texas. He invested over $200 million in the Texas Senate election within just a few months, trying to help Republican candidate Ken Paxton fend off Democratic challenger James Talarico.

This funding primarily came through Musk's own America PAC and a Senate political action committee closely tied to the Republican Party.

Musk also donated $5 million to Republican Texas Governor Greg Abbott. Abbott has publicly supported Musk's business endeavors in Texas but ultimately lost to Democratic candidate Gina Hinojosa.

Both Democratic candidates targeted Musk and his business interests as focal points for their campaign attacks.

Hinojosa had previously sued Abbott, attempting to obtain emails between Musk and the Texas governor, believing these emails might involve a series of special privilege agreements intended to funnel funds to Musk.

Last Sunday, Hinojosa stated at an event in San Antonio, "Greg is embarrassed because he sold us out."

Following her, Talarico portrayed Paxton as a political tool of the world's only trillionaire. Amid boos and jeers aimed at Musk in the crowd, he stated, "This election is about one question: do you want a senator who serves you, or a senator who serves a billionaire super donor? And Ken Paxton has the ultimate super donor."

Talarico continued, "Elon Musk wants our land, wants our water resources, wants our taxpayer money. He also wants a senator who completely belongs to him."

Matt Angle, director of the left-leaning Lone Star Project, believes that Musk's large donations have actually created an additional campaigning advantage for the Democrats.

This funding allows Democratic candidates to connect the issue of excessive corporate influence in politics with the Republican Party. Angle commented on Musk, saying, "In terms of greed, he's the most typical representative. The old idea that as long as businesses grow, everything is fine, no longer convinces people. Business growth has not put more money in the pockets of ordinary people."

Of course, it cannot be concluded that Musk's hundreds of millions in investments were of no help to the Republicans.

The Republicans faced an unfavorable election environment, having to contend with unpopular war and tariff policies, as well as pressure from Trump’s failure to deliver on promises to lower prices.

Paxton himself carries a heavy political burden. He has faced securities fraud allegations, has been subjected to 20 articles of impeachment, and has been involved in a theft accusation regarding an expensive Montblanc pen.

In the securities fraud criminal case, Paxton paid damages but did not admit to wrongdoing; in the impeachment trial, he was acquitted. Regarding the $1,000 Montblanc pen, he explained that he simply took it by mistake.

Thus, without Musk's financial support, Paxton might have ultimately lost by an even wider margin. It is also possible that the funds Musk initially invested in Texas would have been diverted to other states facing similar Democratic advantages.

Behind the political investments, Musk's business empire reaps huge rewards

Despite the unsatisfactory election results, from a commercial perspective, Musk's political investments over the past two years have already accompanied several significant gains.

Since 2024, SpaceX has received billions in government contracts, among which the most notable is the Trump administration's "Iron Dome" missile defense system project. With a recent new personnel appointment at the Pentagon, SpaceX seems poised to secure even more government contracts.

Trump's relatively lenient regulatory stance on the AI industry has also significantly boosted related companies and assets, including Tesla and SpaceX.

Other positive developments have also impacted Musk's companies.

Tesla held a sales event on the White House South Lawn; the U.S. Department of Justice decided to intervene in a lawsuit filed against SpaceX by a civil rights organization; recently, Musk also received the National Medal of Science.

Meanwhile, his personal net worth continues to rise. From about $300 billion at the time of Trump's election in 2024, to now nearly $1 trillion, Musk's wealth has significantly increased.

If political donations are considered an investment aimed at protecting and expanding his business empire, then from government contracts, policy environment to personal wealth growth, this investment has already yielded rich returns.

However, the midterm election results also present Musk with new political risks.

Democratic voters want to investigate companies that profited from connections to the Trump administration. With the Democrats regaining control of Congress, some parts of Musk's business empire are almost certain to become subjects of oversight and investigation.

The controversy surrounding SpaceX's government contracts is particularly prominent. There have been calls to cut government funding for SpaceX, with suggestions of nationalization of the company.

Musk's business layout in Texas may also face new pressures. Several of his companies are headquartered in the state, and local Democratic lawmakers have already threatened to introduce tax measures specifically targeting Musk.

Kendall Scudder, chair of the Texas Democratic Party, said in an interview with the Huffington Post last week, "Imagine what measures the Democrats could take to make this greedy bastard pay; it’s actually quite interesting."

Musk targets 2028, political investments may continue to grow

Musk has clearly become aware of the risks posed by the Democrats regaining control of Congress.

Last week, amid controversy sparked by his derogatory comments about Talarico and his supporters, including claims that “Talarico wants to turn your kids transgender,” Musk also publicly elaborated on his reasons for continuing his political involvement.

He wrote on social platform X: "What I worry most about is the Democrats sweeping the House, Senate, and presidency in 2028."

Musk specifically mentioned the year 2028, sending a clear signal: he is not prepared to step away from the political stage.

Over the past two years, he has built a massive email list and ground voter mobilization system. These resources provide a foundation for him to continue participating in future elections. If he decides to further expand his political investments, the amounts could very well exceed the $500 million he invested in this round of elections.

Meanwhile, after the Democrats take control of Congress, they may also prioritize investigating Musk as a way to demonstrate the government's oversight capabilities. The struggle surrounding government contracts, corporate interests, and political influence may therefore extend into the next election cycle.

The U.S. midterm elections have cost Musk a significant political price without achieving his goal of helping the Republicans win key seats. But this does not mean his political influence has ended. The game surrounding wealth, corporate interests, and political power is clearly far from over. The era of trillionaires in American politics may have just begun.

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