Elon Musk put roughly $474 million into the US midterm elections, and according to estimates about 98 percent of his money went to candidates who lost after a Democratic sweep. Most of it reached Republican super PACs, including his own America PAC with about $216 million and the Senate Leadership Fund with $168 million. Texas received at least $225 million from him, and Ken Paxton lost his Senate bid there to Democrat James Talarico. Bloomberg's Billionaires Index put Musk's one-day net worth loss at $33.5 billion as Tesla and SpaceX shares fell Wednesday. XTB's Kathleen Brooks said both stocks now carry a political risk premium. Musk then joked about his election interference online and deleted an earlier post urging Republican votes.
Why it matters: It matters to crypto readers because a high-profile figure's political spending was tied in the article to sharp share declines at his publicly traded companies.
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