Musk Mocks Trump’s Midterm Losses With ‘Space Lasers’ Joke As Tesla, SpaceX Shares Slip

Elon Musk mocked the 2026 US midterm election results, joking that his “election-interfering space lasers” had failed after Democrats made gains across key races. Meanwhile, Tesla and SpaceX shares fell around 1.8 per cent in after-hours trading as the results raised questions about the political and regulatory environment facing his companies.

“Guess my election-interfering space lasers didn’t work this time,” Musk posted on X, hours after urging Americans to support Republicans. “Vote red today!” he had written ahead of the November 3 elections.

The results marked a setback for President Donald Trump and Republicans, with Democrats moving towards control of both chambers of Congress.

Musk, the chief executive of Tesla and SpaceX, was the largest individual donor in the election cycle, spending approximately $474 million backing Republican candidates and political groups, according to campaign finance figures cited by CNBC.

His political spending included around $212 million towards Republican Ken Paxton's unsuccessful Senate campaign in Texas and another $12.3 million towards Texas political groups, including at least $5.5 million directly to incumbent Governor Greg Abbott.

Democrat James Talarico defeated Paxton in the Texas Senate race, ending a 38-year losing streak for Democrats in the Republican-leaning state. Democrat Gina Hinojosa also defeated Abbott in the gubernatorial contest.

The initial market reaction followed Democrat Jon Ossoff's projected re-election victory in Georgia. Tesla and SpaceX shares subsequently slipped around 1.8 per cent in postmarket trading.

A Democratic-controlled Congress could mean greater scrutiny of Musk's business interests. SpaceX holds major contracts with NASA and US national security agencies, making federal budgets and congressional oversight important to its operations. Democratic lawmakers have also previously called for investigations into Musk's government contracts and his role in the Department of Government Efficiency (DOGE).

Tesla could face scrutiny over autonomous driving technology, robotaxis and safety regulations.

The Texas victories could also affect the technology sector. Both Talarico and Hinojosa raised concerns about expanding AI data centres, particularly their electricity and water consumption, and called for tighter regulations.