Elon Musk loses billions after Republican midterm defeat

lalibre.be (French) —

Elon Musk lost a massive sum after the Republican defeat in the US midterm elections, though he remains the world's richest person by a wide margin. Bloomberg now estimates Musk's fortune at $785 billion, still far ahead of Amazon founder Jeff Bezos with $370 billion. The 500 billionaires on the list collectively lost $185 billion on Thursday. Investors sold tech stocks heavily Thursday, fearing AI growth could slow after the Democratic victory. Texas's newly elected Democratic governor, Gina Hinojosa, also signaled wanting to end the state's conciliatory stance toward data centers. Musk, a Texas resident, injected $224 million into the state's election campaign, mainly backing Republican Senate candidate Ken Paxton, who lost.


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