‘This might just be the biggest defeat for big money in politics’: Billionaires poured hundreds of millions into Tuesday’s races and still lost

Elon Musk’s endorsed candidate lost a Texas race and billionaires Vivek Ramaswamy and Rick Jackson were defeated in their own contests despite hundreds of millions of dollars spent on Tuesday’s elections, a result described as possibly the biggest defeat for big money in politics. The losses underscore the limits of billionaire spending in down-ballot and local races even as wealthy donors continue to shape national debates. California’s wealth tax remained trailing in early results, a key test of whether voters will back higher taxes on the rich. Watch for final tallies in California and whether donor networks recalibrate their spending strategies for the next cycle.