Democrat James Talarico won the Texas Senate race, defeating Republican Ken Paxton. The BBC reports that the seat has turned Democrat for the first time since 1988.
Elon Musk's political action committee gave $47 million to Paxton's campaign, according to the Financial Times, on top of $158 million the billionaire gave the Senate Leadership Fund in September. The BBC also reports that Musk became the top individual donor in this year's midterms, with an estimated $446 million supporting Republican candidates. That money went through super PACs, which can raise unlimited sums but cannot give directly to candidates or coordinate with their campaigns.
In his acceptance speech, Talarico said: "We just proved that all the money in the world is no match for the people of Texas."
Musk responded on X, writing: "Guess my election-interfering space lasers didn't work this time."
On Wednesday morning, U.S. stocks were broadly up after the election results. Tesla and SpaceX shares fell 4.9% and 3.4%, respectively.