Elon Musk poured a record-breaking fortune into Republican campaigns, but election night delivered a bruising political reality check. After Democrats scored sweeping midterm victories, the billionaire responded with jokes about space lasers and orbital data centers.
Musk spent at least $474 million backing Republican candidates and political groups during the 2026 midterm cycle, making him one of the biggest individual political donors in modern U.S. history. His spending focused heavily on Texas, where he moved in 2020 and relocated the headquarters of Tesla and SpaceX.
Elon Musk jokes after Democratic victories
Musk reacted on X during the early hours of Wednesday as Tesla and SpaceX shares fell in premarket trading. “Guess my election-interfering space lasers didn’t work this time,” he posted, adding a shrug emoji. He followed with, “Data centers in space looking pretty appealing right now.” He also deleted a post urging followers to “vote red today.”
The jokes followed major Democratic wins. Democrats retook the House and Senate, while James Talarico defeated Ken Paxton to become Texas’ first Democratic senator in 36 years. Gina Hinojosa also stunned Republicans by defeating Greg Abbott in the Texas governor’s race.
Musk’s space-laser quip referenced a debunked conspiracy theory that surfaced after Donald Trump’s 2024 victory. The theory falsely claimed Musk used Starlink satellites to manipulate vote totals for Trump. His data-center remark pointed to SpaceX’s proposal to place AI computing centers in orbit. Hinojosa supported a moratorium on new AI data centers in Texas, adding a political edge to his joke.
Still, Musk’s political spending did not produce a total wipeout. Forbes reported that 18 candidates backed by Musk or groups he supported won their races. His Texas focus reflected his personal and business ties to the state, where Tesla and SpaceX established headquarters after his move.
The market reaction added another sting to the election setback. Tesla and SpaceX shares fell in premarket trading Wednesday, although the size of the declines varied during the session. Yet Musk’s fortune remained enormous. The New York Times estimated his net worth at approximately $898 billion, leaving him far from financially shaken by the results.
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