Musk and Ambani clash as billionaire election spending hits record

Jio Platforms debuts on NSE with $137.1 billion valuation

Jio Platforms listed on the National Stock Exchange (NSE) on 28 October 2026 at a premium of over 25% above its IPO price. Shares of Jio Platforms rose 3.3% on 29 October 2026, the day following the company's market debut.

Reliance Industries holds a stake of more than 64% in Jio Platforms following the company's initial public offering.

Jio Platforms is the second most valued Indian firm. LSEG data indicates that the $137 billion market capitalization places Jio Platforms in the same league as American telecom giants AT&T, valued at $139 billion, and Verizon, valued at $179 billion.

Akash Ambani, managing director of Jio Platforms, stated on 28 October 2026 that the company intends to "democratize every technology that can transform Indian lives" over the next 10 years. This focus includes AI, Cloud, connected devices, and space-based connectivity.

Elon Musk spends $450 million on 2026 US midterm cycle

Elon Musk has spent approximately $450 million on the 2026 American midterm election cycle. The 2026 cycle is projected to reach $11.6 billion in total political advertising spending.

Musk donated $75 million to the Senate Leadership Fund on September 9, 2026.

He added $83 million two weeks later to a committee focused on the Texas Senate seat. In September, Musk donated $158 million to the Senate Leadership Fund, which transferred the funds to a Texas PAC.

These funds support Attorney General Ken Paxton against James Talarico. Total advertising spending in the Texas Senate race has exceeded half a billion dollars.

Texas Senate race becomes a battleground for billionaire money

The Texas Senate race between Ken Paxton and James Talarico is cited as a referendum on the role of billionaire money.

Talarico told supporters, "Elon Musk is trying to buy this Senate seat".

Talarico also campaigned against Musk by name, accusing him of wanting Texas land and water.

Marco Rubio visits Jamnagar to discuss energy and trade

US Secretary of State Marco Rubio visited Reliance Industries' Jamnagar refinery in Gujarat on October 21. The visit included US Ambassador Sergio Gor and was hosted by Mukesh and Anant Ambani.

The Jamnagar refinery is the world's largest single-site refinery with a capacity of 1.4 million barrels a day. Rubio met with Gautam Adani and Tata Sons chairman N. Chandrasekaran in Mumbai on the same day.

Rubio visited Jamnagar to discuss Reliance processing Venezuelan crude and potentially producing oil in Venezuela. Ambassador Sergio Gor promoted American energy exports, noting the United States is India's largest supplier of LPG.

Washington imposed steep tariffs on India earlier this year for Russian oil purchases, with Reliance being the largest buyer.

Public frustration grows over billionaire political influence

Billionaire families and their companies contributed over $1.7 billion through August 2026, an increase from the $31 million given to federal campaigns in 2010. The 50 largest-spending billionaire families donated about $433 million through March 1, 2026, with 79% of that total going to Republican and conservative groups.

George Soros and his son Alex contributed about $102 million to Democratic causes by late June 2026, while Michael Bloomberg added significant sums during the final months of the cycle.

To oppose California’s Proposition 40, a 5% wealth tax, Sergey Brin contributed about $102 million by August 2026. Eric Schmidt and John Doerr each contributed about $40 million for the same purpose by August 2026.

Uncertainty remains regarding whether public frustration regarding billionaire influence will result in actual policy changes or remain largely rhetorical. If public frustration leads to policy changes, the costs will impact both the individuals who spent heavily in 2026 and the companies they control.

California propositions and broader political reactions

California Governor Gavin Newsom endorsed Proposition 42 on October 9 to block the state-level wealth tax, though he proposed a national minimum tax on individuals with a net worth above $100 million earlier this summer.

Communications Minister Jyotiraditya Scindia stated that India does not allow monopolies. Asaduddin Owaisi objected to a foreign billionaire insulting India's elected leader.

Mukesh Ambani is listed as a Director at Infra Fenestation Pvt Ltd and INFRA INDUSTRIES LTD.

Georgia Senator Jon Ossoff is running his re-election campaign by criticizing Donald Trump and holds a large cash advantage over Representative Mike Collins. Governor Gavin Newsom has criticized Donald Trump and stated he will consider a presidential run after the midterms.