Elon Musk's Texas election gamble backfires as Tesla and SpaceX face fallout

lalibre.be (French) —

Elon Musk suffered a major political defeat in Texas after spending over $200 million supporting Republican candidates, nearly all of whom lost, potentially complicating business for Tesla and SpaceX. Democrat James Talarico won the Senate race with 55% of the vote against Ken Paxton, who received $168 million in Musk-backed support. Democrat Gina Hinojosa also won the governorship, pledging to target tax breaks for data centers and freeze new construction permits. Musk's America PAC recorded 20 losses and one victory nationwide. Tesla shares fell 3.34% and SpaceX dropped 3.81% on Wednesday, as investors worry about increased government scrutiny of his companies' federal contracts.


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