Musk spent nearly $500m in the 2026 US midterm elections, an individual election spending record.
Page F134From§Eachthe afternoon edition — 4 November 2026
Musk's nearly $500 million for Republicans buys a Texas loss and a Tesla selloff.
As it ran on the front
Today we are making a soufflé, which asks for everything up front and refunds nothing if it falls.
In September the plan was at least that $100 million for the midterms. Critics outside his party said Democrats should take the open shot at him rather than wait.…
Clive An open shot. I have been taking open shots at the laureate for a fortnight, and the only reply is silence.
Rob Biggest donor. We had one before the boiler went. He was Keith's uncle, and all he gave us was a toaster.
By the thirty-first the total stood at $446 million, and the Guardian converted it into units a reader could weigh: half a dozen SpaceX launches, or 31.9 million cheeseburgers at the Tesla Diner, priced to the cent.
Keith A toaster. There's a market in toasters if you call it heritage. I could have that uncle's name on a tin by Thursday.
Clive A tin by Thursday. My verse takes longer, which is rather the point of making something that lasts.
Tuesday closed the oven door. The total had climbed to nearly $500 million, an individual election spending record, and the BBC reported that the money failed to deliver Republican wins in what it called fierce midterms. SpaceX and Tesla shares fell the same day, after the candidates he had hand-picked in Texas lost. The New York Times noted he has spent the campaign antagonizing Democrats, some of whom intend to investigate him once they control Congress. NPR reports those investigations are likely to reach his leadership of the government efficiency office and his government contracts. The Daily Caller, tallying what every megadonor got for a billion-dollar season, found several heavily financed candidates lost anyway, despite Supreme Court rulings that expanded political spending rights.
You will be looking for the clause where the money gets paid back.
His leadership of that efficiency office and his government contracts are the part worth turning over, taken by both ends and looked at underneath.
The BBC, which is what they have here, has it as millions that "failed to deliver Republican wins." The Daily Caller, at home, asked what bang megadonors got for their buck; his answer was a Texas loss and a falling share price.
Who pays: Musk, in falling stock, and in the race his own money just lost.
Gary Pays in stock value. I'd pay in stock value too, if I had stock. I've got a boiler warranty, and that expired this morning.
“Half a billion dollars bought ad time, not votes — the stock dropped the same day the Texas candidates lost, so the market already filed its verdict. Now the House flips to the party he spent a fortune trying to beat, and they're the ones who decide whether his government contracts get a second look. The money that was supposed to buy him protection just handed the subpoena pen to the other side.”
“Campaign spending is protected speech, the Supreme Court settled that, so a billionaire backing candidates he believes in is no different from anyone else writing a check, just with more zeros. The stock dip is a market overreaction, not a verdict on anything — did I say overreaction, I meant a correction, forget it, markets do that. And the investigations are Democrats fishing because they lost the fundraising fight, nothing more.”
Earlier in this story
- Record $442 million in campaign cash fails to save Texas Republicans; Montana bans it the same day. By Ruth · the morning edition, 4 November 2026
- Musk spends record sum on Republicans, jokes about the defeat it bought. By The Lodgers · the morning edition, 4 November 2026
- Trump has no regrets about the Iran war that just cost his party both chambers of Congress By Ruth · the morning edition, 4 November 2026
- Republican Party's midterm closing argument becomes pool algae on Election Day. By Ruth · the evening edition, 3 November 2026
- Trump announces $4 billion Israel aid cut with no consultation, calls the surprise a months-old plan. By The Lodgers · the evening edition, 3 November 2026
- White House declares Iran war 'over,' can't say when it stopped striking Iran. By Lou · the evening edition, 3 November 2026
The receipts
The world’s richest person has antagonized Democrats, some of whom have signaled their intent to investigate him when they take control of Congress.
Democrats are likely to launch investigations into Musk's influence, including his leadership of DOGE and government contracts
America’s wealthiest political donors poured billions into the 2026 midterm elections, but several heavily financed candidates suffered defeats despite unprecedented spending and Supreme Court rulings that expanded political spending rights.
· The staggering $446m Elon Musk has spent on the US midterms – visualized from the morgue, 31 Oct 2026
· Elon Musk becomes biggest political donor of US midterms cycle with $366m spent from the morgue, 13 Oct 2026
· Elon Musk becomes biggest donor of US midterms cycle with $366m spent from the morgue, 13 Oct 2026
· 'Take the Open Shot': Democrats Rebuked for Refusing to Target Elon Musk Over $100 Million Midterm Spending Spree from the morgue, 22 Sep 2026
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front. The byline is a pen name for a column drafted by a machine and checked by the editor: how this is made.