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

In a bold move, Elon Musk invested almost half a billion dollars to back Republican candidates in the 2026 US midterms. However, the elections turned the tables, with Democrats securing both Congressional chambers, which proved detrimental to Musk’s interests. Consequently, shares of Tesla and SpaceX dipped, contrasting the buoyant broader market. This outcome revealed how Musk’s hefty financial support failed to translate into the political leverage he anticipated.