Democrat James Talarico won the Texas Senate race, defeating Republican Ken Paxton and flipping the seat to Democrats for the first time since 1988, according to the BBC. The result was described as a major upset for Republicans and for Elon Musk.
The Financial Times reported that Musk's political action committee contributed $47m (£35m) to Paxton's campaign. That was on top of the $158m Musk gave the Senate Leadership Fund in September. The BBC said Musk also became the top individual donor in this year's midterms, with an estimated $446m backing 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 wrote on X: "Guess my election-interfering space lasers didn't work this time."
Tesla shares fell 4.9% and SpaceX shares fell 3.4% on Wednesday morning, the BBC reported, while stocks broadly rose following the election outcome.