BLOOMBERG · 2026-11-04 20:56 UTC

Midterms Spending Binge by Musk, Crypto and AI Hit Voter Wall

Elon Musk, crypto industry, and AI backers spent hundreds of millions in midterm races but largely lost, with Musk spending $445 million including $205 million in Texas. Democratic candidates in competitive races outraised Republicans despite GOP dominating outside spending with $2.1 billion versus $1.4 billion for Democrats. Voters' frustration over the economy and technology's impact on jobs overcame the spending, raising questions about donor ROI and strategy effectiveness.

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