Elon Musk loses $60B as Texas Democrats derail his AI plans
Elon Musk has lost over $42 billion in net worth following the US midterms, making him the biggest financial loser of the election, surpassing President Donald Trump's estimated $167 million loss. Musk invested $474 million backing Republican candidates, including $224 million in Texas, where Democrats won the governorship for the first time in 32 years and defeated his preferred Senate candidate. His SpaceX and Tesla shares fell sharply, and his political spending proved counterproductive. The Democratic victories threaten Musk's AI ambitions, as Texas Democrats pledged to restrict data centre development. Nationwide, 40 of 41 ballot initiatives limiting data centres passed, potentially slowing AI industry growth and easing capital and inflation pressures.