Democrats hope to win back congressional power in the November midterm elections, which could allow them to launch investigations into Elon Musk, including his role in the Department of Government Efficiency (DOGE) and his government contracts, according to Politico. Musk responded on X that he would find out who is really pulling the strings behind those who pick fights with him and go after them. DOGE is reported to have removed over 250,000 federal jobs; Musk first said it would cut $2 trillion in spending, later scaled that to $1 trillion, then estimated about $150 billion for fiscal 2025, while DOGE's official website claims $215 billion in savings. Musk is also accused of restricting the speed of SpaceX's Starshield satellites used by Ukraine's military, an allegation he denies. Musk is the largest individual political donor in modern U.S. history, and Musk-backed, Republican-aligned PACs have spent more than $400 million on midterm election ads, per the Washington Post.
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Elon MuskDemocratic Partymidterm electionspublic spending
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▼ Likely negativeTesla, Inc.
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.4T |
| Close on 10/23/2026 | 372.21 |
| Change that session | -0.63% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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