Musk loses billions in net worth after backing failed Republican campaigns

ABC News Australia · Annabel Bowles · 2026-11-06 01:49 UTC

Nowhere did Elon Musk's gamble backfire more than in his home state of Texas, which flipped to the Democrats at this year's midterms in an electoral bloodbath.

One of the first things Elon Musk said after the midterms result was not about what it meant for his on-and-off friend Donald Trump, but about data centres.

"Data centres in space looking pretty appealing right now," he wrote on X, about an hour after the Democrats' sweeping victory was called.

The cryptic comment was likely a reference to several big tech-friendly Republicans who lost to Democrats, despite having millions of Musk's dollars behind them.

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