Elon Musk has pledged about $366 million to influence the 2026 U.S. midterm elections, primarily supporting Republican candidates to maintain a favorable political environment for his companies like Tesla and SpaceX. His businesses, especially SpaceX, rely heavily on federal contracts, with $6.78 billion in government work this year alone. Musk’s political spending overlaps with his business footprint, notably in Texas, where Tesla and SpaceX have major operations. The outcome of these elections could affect regulatory oversight, federal contracts, and policies impacting Musk’s ventures, making his spending a strategic move to safeguard and expand his influence in Washington.
As of Oct 23, 2026 01:41 WIB, Tesla shares on Pluang trade at USD 375.79, down 2.76% for the day, while SpaceX is priced at USD 144.52, falling 9.27%. Despite Elon Musk's significant $366 million political spending to support his business interests, SpaceX shows a notable 9.27% decline in one day on Pluang, with Tesla also down but less sharply. This highlights the market's current cautious stance on these stocks amid the political backdrop.
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