Elon Musk's $500M bet on Republicans fails as Democrats sweep US midterms

Elon Musk was the biggest loser in the US midterms despite not being on the ballot, as Democrats swept both chambers of Congress and won key races in Texas, undermining his nearly $500 million bet on Republican candidates. Democrats flipped 25 House seats and won 54 Senate seats, including historic victories in Texas where Gina Hinojosa became governor and James Talarico won the Senate race. Musk's spending, estimated at $474 million through super PACs, failed to deliver wins in his most targeted states. The Democratic victory threatens Musk's business interests, with congressional investigations planned into his DOGE leadership and government contracts. SpaceX shares fell 5.5 percent and Tesla dropped 5.1 percent, while Democrats also plan scrutiny of his AI data centre projects in Texas.