Since the Republican defeat in the US midterm elections, Elon Musk has lost more than $60 billion, despite an estimated $446 million to help the party retain control of Congress. Most of his political spending went to Texas, where the Republicans suffered a major defeat. Tesla shares fell 5.7 percent and SpaceX shares fell 7.67 percent in early trading, hurting Musk's fortunes. The Democratic-controlled Congress could also tighten scrutiny of a possible merger between Tesla and SpaceX before Trump leaves office in 2029. Source: FT.

Since the Republican defeat in the US midterm elections, Elon Musk has lost more than $60 billion, despite an estimated $446 million to help the party retain control of Congress. Most of his political spending went to Texas, where the Republicans suffered a major defeat. Tesla shares fell 5.7 percent and SpaceX shares fell 7.67 percent in early trading, hurting Musk's fortunes. The Democratic-controlled Congress could also tighten scrutiny of a possible merger between Tesla and SpaceX before Trump leaves office in 2029. Source: FT.