Midterm Elections Have Already Cost Musk Over $60 Billion
Midterm elections have already cost Musk over $60 billion, with his wealth continuing to shrink. He was the largest Republican donor in this cycle, with most Senate contributions concentrated in Texas, where he currently resides. After Gina Hinojosa defeated Greg Abbott to win the Texas governorship, SpaceX shares fell 3.8% in pre-market trading, while Tesla dropped 3.6%.
Midterm Elections Have Cost Musk Over $60 Billion
The midterm elections have already wiped over $60 billion from Musk's net worth, and the losses continue to mount. He was the largest Republican donor in this election cycle, with the majority of his Senate contributions concentrated in Texas, where he currently resides. According to a previous Financial Times report, he spent over $275 million on campaigns nationwide, while The Washington Post estimated the figure at $446 million.
Texas is home to Tesla, SpaceX, and two joint chip projects. Gina Hinojosa's victory over Greg Abbott for governor marks the first such change in the state in more than three decades. Hinojosa has advocated for pausing new data center projects and revoking tax incentives, which could slow down the expansion of SpaceX's AI computing capacity. SpaceX shares fell 3.8% in pre-market trading, while Tesla dropped 3.6%.
Financial Times
https://www.ft.com/content/9a8d4922-74dd-4149-bb28-a15f719ca836