Elon Musk’s record election bet backfired. The backlash may reach beyond one billionaire
Image: CNBC
Democrats' sweeping midterms victory marked a major rejection of Elon Musk and the artificial-intelligence industry, as a broad backlash against U.S. President Donald Trump and his tech allies put their political influence — and the debt-fueled data center buildout — under sharper scrutiny.
Musk, who spent a record of at least $474 million on the midterms, funneled $224 million, or nearly half, into Texas alone, according to a CNBC analysis of campaign finance records, only to see his favored candidates, Republican Senate nominee Ken Paxton and Gov. Greg Abbott, trounced in a Democratic wave.
The defeats rattled markets overnight, sending SpaceX and Tesla shares lower, both of which have long flourished under Abbott's business-friendly policies.
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