Democrat James Talarico won the Texas Senate race, defeating Republican Ken Paxton. The seat has not been held by a Democrat since 1988, according to the report.
Elon Musk's political action committee contributed $47 million (£35 million) to Paxton's campaign, on top of $158 million given to the Senate Leadership Fund in September, according to the Financial Times, which the BBC cites. In his acceptance speech, Talarico said: "We just proved that all the money in the world is no match for the people of Texas."
Musk wrote on X: "Guess my election-interfering space lasers didn't work this time." The report says Tesla shares fell 4.9% and SpaceX shares fell 3.4% on Wednesday morning, while stocks were broadly up after the election outcome.
The report says Musk became the top individual donor in this year's midterms, contributing an estimated $446 million to Republican candidates. Musk's money went through super PACs, which can raise unlimited sums but cannot give directly to candidates or coordinate with their campaigns.