Elon Musk loses $112 billion as Democratic midterm win hits tech stocks
Elon Musk's net worth has dropped by over $112 billion following the Democratic victory in the US midterm elections, with his companies' total market capitalization falling to $789.5 billion from $901.7 billion on election day. Tesla shares plunged 11% on Thursday after a 3.3% decline the previous day, contributing to a 24% loss in the automaker's valuation since January. The market selloff has hit AI and technology stocks particularly hard amid the Democratic sweep. The midterm elections on November 3 resulted in a major Democratic win in Congress, a setback for Republicans and Donald Trump amid voter discontent over inflation and the war in Iran. Musk had spent heavily to prevent the Democratic victory.