US midterms cost Elon Musk more than $60 billion: Report - Anadolu Ajansı

Elon Musk has lost more than $60 billion following Republican defeats in the US midterm elections, despite spending an estimated $446 million to help the party retain control of Congress, the Financial Times reported Wednesday.

Musk's political spending, much of it targeting the state of Texas, failed to deliver the expected results as Republicans suffered major setbacks, including in the billionaire's adopted home state.

The report said that Musk emerged as one of the biggest financial losers from Election Night, with declines in his business holdings further deepening the losses.

Tesla shares fell 5.7%, while SpaceX reportedly dropped 7.6% in early trading, adding to the pressure on Musk's fortune.

The Washington Post estimated that Musk poured $446 million into Republican campaigns, while other estimates put his political contributions at lower levels.

Much of the spending went to Senate races in Texas, where Musk-backed Republican candidates faced significant setbacks.

The election results could also complicate Musk's reported ambitions to combine Tesla and SpaceX.

A Democratic-controlled Congress may increase scrutiny of a potential merger between the two companies before President Donald Trump leaves office in January 2029. Lawmakers, however, would not necessarily have the power to block the deal.