Trump Loses, Musk’s $60 Billion WipeOut

The United States political landscape witnessed something pretty consequential in the form of the midterm election that got concluded today. The result was outrightly in favour of the democratic party who will now control the house of representatives and also the United States Congress.

The discussion has shifted to this particular individual who has invested a significant amount of money into the midterm election on behalf of the Republican party.

Yes, you would have guessed the right already. It is Elon musk, who had been a hard-core supporter of the Donald Trump administration and the Republican Party in general. He spent a staggering $446 million on behalf of the Republican Party in the midterm election, and all of this has gone down the drain now.

He founded the campaign of the Republican party in the midterms and is the biggest donor in the election. To put that into perspective, he has spent around ₹4200 crore in Indian currency on the United States midterm election campaign.

In the end, Elon Musk has lost more than $60 billion in wealth following Republican defeats in the U.S. midterm elections, despite spending an estimated $446 million to help the party retain control of Congress.

Much of his political spending targeted Texas, where Republicans suffered a major setback. Shortly after the midterm election result came out the market valuation of several big companies owned by Musk plummeted in share values.

Tesla shares fell 5.7%, while SpaceX was reported down 7.6% in early trading, further denting Musk’s fortune. It appears that he is the biggest financial loser with regard to the United States, midterm election and results are pretty much evident in public.