Elon Musk Loses More Than $60 Billion After Republican Midterm Defeats
Tesla and SpaceX shares fell in premarket trading after Democrats swept Congress, despite Musk spending an estimated $446 million to back Republicans.
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The U.S. midterm elections have already cost Elon Musk more than $60 billion, the Financial Times reported on Wednesday. The losses came as shares of Tesla and SpaceX fell before the market opened.
The FT estimated that Musk spent $446 million to help Republicans keep control of Congress. Democrats instead won the House and the Senate.
Tesla and SpaceX Shares Slide
According to the FT, SpaceX fell 7.6% and Tesla 5.7% in premarket trading. SpaceX has traded publicly since its initial public offering in June.
Other outlets reported smaller early moves. Bloomberg put Tesla down about 5% and SpaceX down 6.9%. The New York Times cited a premarket drop of over 6% for Tesla.
Texas Setback and Merger Scrutiny
Much of Musk’s spending went to Texas, home to both companies. CNBC counted at least $474 million in total, with $224 million in Texas alone.
Republicans lost both the Texas Senate race and the governor’s race there. A Democratic Congress could also step up scrutiny of a possible Tesla-SpaceX merger, the FT said. Trump leaves office in January 2029.
Kamer Kurunç
Kamer Kurunç is the Team Leader of Clash Report and has led the outlet for four years. He oversees its breaking world news coverage, from the Middle East and the Russia-Ukraine war to defense and global politics. His focus is fast, verified, source-based reporting. Follow him on X at @kamerknc.
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