Elon Musk's nearly $500 million US midterm gamble backfires: Tesla, SpaceX stocks take a hit

Elon Musk poured nearly half a billion dollars into the US midterm elections, but lost the gamble. As Democrats seized control of both chambers of Congress and Gina Hinojosa defeated Greg Abbott in the Texas governor's race, shares of Musk-owned companies came under pressure.

Nov 5, 2026 - 11:00
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Elon Musk's nearly $500 million US midterm gamble backfires: Tesla, SpaceX stocks take a hit
Elon Musk poured nearly half a billion dollars into the US midterm elections, but lost the gamble. As Democrats seized control of both chambers of Congress and Gina Hinojosa defeated Greg Abbott in the Texas governor's race, shares of Musk-owned companies came under pressure.

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