Elon Musk spent at least $445 million to help Republicans keep control of Congress, the Associated Press reported. Republicans lost control of Congress on Tuesday night, and Democrats gained it.
Democrats are expected to closely examine Musk's companies and his work at the Department of Government Efficiency, the report said. Tesla and SpaceX shares dipped on Wednesday, affecting Musk's net worth. The report said Democrats also made significant gains in Texas, where Musk is based along with several of his companies, and that the state's new leadership is wary of his influence.
Experts quoted in the report suggested that Musk's business strategy may not translate to politics. Musk did not respond to messages seeking comment.