The biggest loser of the 2026 midterms wasn’t Trump. It was Elon Musk.

The Boston Globe · James Pindell · 2026-11-05 10:30 UTC

Elon Musk had a lot at stake in this election. Don’t take my word for it. Follow the money. Musk spent an estimated $446 million on this election. That’s more than any other non-candidate in US history.

Who was the biggest winner of the midterm elections? There are so many winners — from the dogged to the complete surprises — to choose from.

Who was the biggest loser? Sure, it’s easy to say President Trump. But is he?

Yes, Trump is now the lamest of lame ducks. Like Barack Obama, George W. Bush, and Bill Clinton, he will have to deal with sagging approval ratings and an opposing Congress for his last two years in office. Trump’s loss, just by the numbers, was the second-worst since the post-Watergate election, something most Americans have never experienced with their president. With it, the movement Trump created, the era of politics that historians will spend years trying to make sense of, is essentially over but for the shouting.

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