Elon Musk spent roughly $446 million backing Republican candidates in the 2026 midterms, and nearly every one of them lost. NPR reported on November 4th, 2026 that federal election filings analysed by OpenSecrets showed Musk gave more than $445 million to Republican candidates, political action committees and outside groups across the cycle, making him the top donor of the midterms and among the largest political donors in American history.
The same session took a large bite out of his paper wealth. The Washington Examiner reported that Musk's net worth fell by $33.5 billion on Wednesday, November 4th, 2026, a decline of 3.7%, as investors sold shares in his companies in anticipation of the incoming Democratic majorities in Congress. Benzinga, citing Bloomberg data, reported the same roughly $33.5 billion fall, to about $865 billion.
What happened
NPR reported that Musk directed at least $225 million of his midterm spending to Texas, including support for Republican Ken Paxton's US Senate bid. Al Jazeera put the pro-Paxton sum at at least $212 million, while NPR and Mother Jones separately described it as more than $200 million.
The Texas Tribune reported that Democrat James Talarico defeated Attorney General Ken Paxton, the first Democratic US Senate win in Texas since 1988, after Republicans poured over $280 million into advertising, including over $200 million from Musk, in what it called the most expensive Senate race in US history. Al Jazeera put total spending on the Talarico to Paxton contest at $573.2 million. NPR reported that both Paxton and Governor Greg Abbott lost and that Democrats captured every statewide office in Texas. Newsweek reported that Democrats won control of both the Senate and the House, flipping Senate seats including in Iowa, Kansas, North Carolina, Ohio, South Carolina and Maine.
Why the shares moved
Tesla closed down 3.34% at $385.19 on November 4th, 2026 even as the Nasdaq rose 1.44%, according to market data reporting. SpaceX has traded on the Nasdaq under the ticker SPCX since its initial public offering on June 12th, 2026. It closed at $141.31 on November 3rd, 2026 and was quoted at $135.92, down 3.8%, on November 4th, with Yahoo Finance showing TSLA down 5.06% and SPCX down 5.41% intraday. Billionaires.Africa likewise reported Tesla closing down about 3.3% and SpaceX about 3.8%.
The only cause attached to the selling in the reporting reviewed here is the Washington Examiner's description of investors positioning for the incoming Democratic majorities. Beyond that, the record does not establish why Tesla fell on a day the broader index rose.
What the record shows
The spending total varies by outlet. OpenSecrets, The New York Times and Fortune put Musk's full cycle giving at $445.6 million. Newsweek reported that the $445.6 million figure covers giving through October 14th, 2026, the latest FEC reporting date. Al Jazeera and others rounded to $446 million, while Rolling Stone and Benzinga reported a higher figure of about $474 million into Republican super PACs. No single public FEC or OpenSecrets document reviewed here reconciles those totals, and final post election filings covering the closing days of the cycle had not been made public at the time of reporting.
Fortune reported on November 2nd, 2026 that its own analysis of IRS filings found a further $10 million from Musk to the Republican Governors Association, outside the FEC data, and that Musk gave $291.5 million as the biggest donor of the 2024 cycle after saying in May 2025 that he would pull back from political spending. The net worth figures also differ across intraday snapshots of the same session: an earlier Bloomberg based flash reported a $22.86 billion decline to roughly $875 billion, while Billionaires.Africa reported a fall of about $34 billion to $867.9 billion.
One thing our own record does not show is any insider transaction tied to this. Political contributions are not Form 4 activity, and nothing in the facts here involves a purchase or sale of stock by Musk.
What to watch
NPR reported that with a Democratic majority in Congress, Musk will likely face investigations into the billions of dollars of government contracts his companies have been awarded since President Trump returned to office, with his Texas data centre buildout a particular point of exposure. Benzinga reported that Senator Ted Cruz and Florida Governor Ron DeSantis both warned Democrats would target Musk's businesses. Al Jazeera reported that Musk joked online about the Republican defeat after the results.
There was buying on the other side of the move. Benzinga reported that Cathie Wood's Ark Invest bought an estimated $47.4 million of SpaceX stock on Wednesday, adding 348,406 shares across three funds.
Reporting from NPR, The Washington Examiner, The Texas Tribune, Fortune, Newsweek, Al Jazeera, Rolling Stone, Mother Jones, Benzinga, Yahoo Finance, The Motley Fool and Billionaires.Africa, covering events through November 4th, 2026.
Informational only, not investment advice.