Elon Musk’s record election bet backfired. The backlash may reach beyond one billionaire

Democrats' midterm sweep signaled a broad rejection of Elon Musk and the AI sector, as his record $474 million in political spending failed to secure victories for his favored candidates in Texas and elsewhere, according to CNBC analysis.

Musk's America PAC spent heavily across federal races, with 93% of its $87 million going to losing Republican candidates, while new Democratic leadership in Texas and Congress could tighten permitting, tax incentives, and oversight of his companies' operations and federal contracts.

Nationwide, voters approved restrictions on data centers and punished candidates backed by the industry, with negative advertising dominating the $173 million spent on such issues, reflecting growing scrutiny of the debt-fueled AI infrastructure buildout.

Source

Elon Musk’s record election bet backfired. The backlash may reach beyond one billionaire — CNBC