Elon Musk’s $60 Billion Midterm Loss Threatens His AI Ambitions in Texas

theage.com.au [$] —

Elon Musk lost over $42 billion in net worth following the US midterms, making him the biggest financial loser of the election, surpassing Donald Trump's $167 million losses. 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. The Democratic victory threatens Musk's AI ambitions, as Texas Democrats campaigned on restricting data centre development. Forty of 41 ballot initiatives limiting data centres passed nationwide, potentially slowing AI industry growth.


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