Elon Musk poured at least $445 million to help Republicans retain Congress. However, Tuesday’s midterm elections handed control to Democrats, leaving his political spending under scrutiny and his businesses facing the prospect of investigations. Politico described Musk’s position as on with “a lot to worry about with a Democratic Congress”.For Musk, described as the world’s first trillionaire, the spending represents a small share of his wealth. His companies’ stake in federal government business, worth billions of dollars, however, give him substantial interests in Washington.Before the elections, Democrats were already preparing to examine his companies and his leadership of the Department of Government Efficiency, or DOGE, with potential investigations and summons to attend court hearings.As Republican defeats mounted on election night, Musk posted on X, the platform he owns: “Guess my election-interfering space lasers didn’t work this time.” ㅤHe followed it up with another post: “Data centers in space looking pretty appealing right now.” According to Forbes, Musk removed multiple X posts as the results were emerging. The report stated that among the posts Musk removed were a October 29 message on X that urged voters to back Republican senators. Musk took down the post around the time Democrat James Talarico claimed victory in Texas.On Novemeber 4, he again tweeted: “Voter ID failed in California.” He was referring to the rejection of a state ballot measure in California that would have required government-issued photo identification for voting in person or identification numbers for mail-in ballots. ㅤ Texas delivers setbacks for Musk-backed RepublicansThe results also threaten Musk’s interests in Texas, where he and several of his companies are based. He spent at least $5 million supporting Republican Governor Greg Abbott’s unsuccessful reelection campaign, reported news agency AP. Democrat Gina Hinojosa defeated Abbott, while Democrats also won control of the Texas House.Story continues below this adRepublican Attorney General Ken Paxton, whose Senate bid effectively benefited from $158 million of Musk’s spending, lost to Democrat James Talarico. Democrats secured control of the US Senate as well, AP reported.The Texas results gave Democrats their first statewide victory in more than three decades. Their campaigns repeatedly challenged the public grants and tax benefits received by Musk’s companies, alongside his ties to Republican officeholders.Rep. Gene Wu, who chairs the state legislature’s newly empowered Democratic Caucus, said the results would bring an end to what he described as an era of open corruption, reported AP.Democrats put billionaire influence at the centre of their campaignsMusk’s standing with Texas voters offered little help to the candidates he supported. Slightly more than half of voters in the state viewed him unfavourably, according to The AP Voter Poll, which surveyed more than 5,000 Texas voters. His strong support among MAGA Republicans weakened among other Republican voters and fell sharply among independents and Democrats.Story continues below this adTalarico and Hinojosa sought to reach those voters by presenting the election as a contest between wealthy interests and ordinary Texans.At his final campaign rally in Austin, Talarico accused Musk of bankrolling Paxton to secure a senator who would serve his interests. He also criticised Musk’s interest in Texas land, water and public money.Speaking on the same stage, Hinojosa cited a $1.7 billion property tax break for Musk, contrasting it with the full property tax bills other Texans must pay.Musk’s funding helped finance widespread negative advertising, much of it directed at Talarico. Democrats countered with a message focused on household expenses in a state where median household income is $85,000 and rising petrol, grocery, rent and mortgage costs are straining budgets, AP reported.Story continues below this adOutgoing Republican Rep. Chip Roy of Texas said the volume of spending eventually became less useful. Voters, he said, were weary of seeing the same advertisements repeatedly, limiting the benefit of additional campaign dollars.Musk’s fortune falls $45 billion as Tesla and SpaceX shares slideThe election was followed by declines in Musk’s two publicly traded companies on Wednesday, even as the technology-heavy Nasdaq composite index rose.By Wednesday afternoon, Tesla had shed about $40 billion in market capitalisation, leaving its value at $1.54 trillion. SpaceX also lost roughly $40 billion, taking its market value to $1.83 trillion, the AP report stated.Forbes put Musk’s wealth at $865.6 billion after an approximately $45 billion decline that day, although the losses could reverse.Story continues below this adJoe Mazzola, head trading and derivatives strategist at Charles Schwab, said concerns about possible congressional investigations had contributed to the early falls in Musk’s companies.Michael Morris, a leadership professor at Columbia Business School, suggested that Musk’s success in business could encourage him to overestimate his ability to influence politics.The strategic thinking that helps him build businesses and hedge risks does not necessarily translate into political control, Morris said. With Musk’s companies performing well and his wealth far exceeding his needs, Morris added that politics appeared to be something of a game to him.DOGE record and Texas incentives could face examinationDemocrats remain critical of Musk’s leadership of DOGE last year, when the organisation moved rapidly through federal agencies cutting jobs. They have also raised concerns about the recent throttling of SpaceX’s Starlink internet service in Ukraine during the war with Russia.Story continues below this adShortly before the election, Virginia Democrat Rep. James Walkinshaw called for Musk to testify under oath about his role in dismissing federal employees and cutting public services.Texas could bring another layer of scrutiny under its incoming Democratic governor, particularly over state support for Musk’s businesses.In August, his companies received a $30 million state-programme grant for a semiconductor plant expected to create 3,000 jobs. That award was among several injections of state funding his businesses have received. Musk has also successfully pressed the legislature to approve laws favourable to his companies.During the campaign, Musk repeatedly attacked Talarico on X over his previous positions on transgender rights and other progressive issues. Those posts echoed Paxton’s central line of attack, which failed to deliver victory.Story continues below this adRep. Christina Morales, a Houston Democrat whose party will now hold the Texas House majority, said voters were focused on living costs and were no longer persuaded by culture-war arguments.“We’re not saying you don’t belong here,” she said, but “Texans can’t be bought.”