Musk's Political Gamble Backfires as Democrats Win Congress

Donald Trump's Republican Party lost control of both chambers of Congress in the US midterm elections, with Democrats winning back the House and Senate. Elon Musk, who spent nearly $500 million supporting Republican candidates, deleted his "vote red" post on X after the defeat. Musk's political investment suffered major losses, as only 3 of the 37 Republican House candidates he backed won. His key Texas picks lost, and Tesla and SpaceX shares dropped sharply, erasing about $456 billion in combined market value. Democratic control of Congress may lead to stricter investigations into Musk's government contracts and ties to the Trump administration. The election reflected growing public backlash against tech elites, with voters approving 46 of 47 measures restricting data center development. Analysts see the result as resistance to wealth concentration from the AI-driven industrial revolution, similar to the Progressive Era's response to 19th-century industrial capital.