Elon Musk set a record for election spending this year after pouring nearly half a billion dollars into backing Republicans in the US midterm elections. It turned out to be a poor investment.

The SpaceX and Tesla CEO contributed at least $446m to Republican-aligned Super Pacs and groups over the course of the elections, specifically targeting several key Senate races in an effort to help the Trump administration retain Republican control of Congress. He outdid his own 2024 spending of nearly $290m. Yet as Democrats swept to power across the country on Tuesday night, it became clear that Musk would get nearly nothing in return for his hundreds of millions in spending.