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‘He basically gets to steer a political party’: Elon Musk is $474 million poorer post-election, but it may not have deterred his influence on 2028
“It’s not just about who wins,” one political spending expert said. “It's about setting the agenda and what types of issues we talk about.
Dextape brief
Elon Musk spent at least $474 million backing Republican candidates before the 2026 midterms, a sum the report says was nearly double his 2024 presidential-cycle giving. Roughly $200 million went to Texas efforts, yet the GOP Senate nominee there, Ken Paxton, and Governor Greg Abbott both lost to Democratic opponents, and shares of SpaceX and Tesla slipped Wednesday. His other gifts included $30 million to the Congressional Leadership Fund and $44 million to additional Republican groups. Analysts quoted by Fortune disagree on what comes next: one said that money tends to set the agenda rather than secure wins, while Democrats plan to investigate Musk's government role through DOGE. Musk did not respond to a request for comment, and in 2025 he had said he could scale back his political giving.
Why it matters: It shows that heavy political spending does not ensure victories, and that donors may still shape party priorities and debate.
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