Elon Musk Loses $474 Million After Midterms

Elon Musk just dropped four hundred seventy-four million dollars on the midterm elections and lost almost every single bet. The world's richest man poured that cash into Super PACs for Republican candidates, including two hundred million dollars in Texas alone. But on Tuesday night, voters in Texas and battleground states across the country handed major victories to the Democrats. Shares of SpaceX and Tesla immediately fell when markets opened on Wednesday morning. One election forecasting expert calls it the biggest defeat for big money in American history. Yet here is the catch. Some political science experts argue that spending massive amounts of cash is not actually about winning races. It is about setting the agenda and steering what a political party talks about. That influence could help Musk as he pushes for a SpaceX and Tesla merger. Democrats are not done with him either. With majorities now locked in the House and Senate, lawmakers plan to use congressional subpoena powers to investigate his companies and his controversial role in DOGE. Musk tried to laugh off the losses on social media. His defense was simple. He wrote that his election-interfering space lasers just did not work this time.