Elon Musk spent $400M on Republican super PACs during midterms

Elon Musk funneled $474 million into Tuesday’s US midterms, and based on polling estimates after a definitive Democratic sweep, approximately 98% of that money went to losing candidates. A trace of Musk’s midterm donations by Wired estimated even higher: 99% to losers. Even worse, Musk ended up losing an additional $33 billion of personal net worth within 24 hours of polls closing, as spooked investors in Tesla and SpaceX sold down shares in fear of political tides turning after the blue wave . Most of Musk’s donations went to Republican super PACs, political action committees that can raise unlimited amounts of money. Federal filings trace Musk’s money through three main pipes.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Protos.