According to Electrek, Tesla CEO Elon Musk has spent over $366 million on political campaigns during the 2026 midterms, with $276 million of that coming since July. That exceeds the $288 million he spent in the 2024 election, making him the largest single donor in this cycle. The outlet describes the spending as anti-EV because it goes to Republican candidates who broadly oppose electric vehicles.
Electrek reports that Tesla itself has acknowledged the political spending has cost it billions in lost revenue, and has asked Musk to stop. Instead, he has accelerated his political activity. The company is now the only EV brand with negative perception, and has lost business opportunities in Canada, Australia, Germany, and Denmark, along with falling sales and protests.
The article argues that Musk's actions benefit him personally rather than shareholders, pointing to self-dealing and dilution. It notes that shareholders and Tesla's board have continued to support him despite the acknowledged harm. The source is critical, but the underlying figures and company acknowledgments are presented as factual.