Elon Musk Loses over $60 Billion Following Republican Midterm Defeats

Elon Musk's estimated wealth has fallen by more than $60 billion following Republican losses in Tuesday's U.S. midterm elections, despite spending approximately $446 million supporting GOP candidates. Republicans suffered major defeats in Texas, where Musk invested heavily. Tesla shares dropped 5.7% and SpaceX fell 7.6% in early trading Wednesday. Democratic control of Congress could also bring increased scrutiny of Musk's businesses and a potential Tesla-SpaceX merger.