Elon Musk Lost Nearly $30 Billion After US Midterm Elections, FT Says

American billionaire Elon Musk lost close to $30 billion following the recent US midterm elections, according to calculations by the Financial Times.

Musk’s Fortune Takes a Massive Hit After Midterm Vote

Elon Musk lost nearly $30 billion as a direct result of the recent US midterm elections. This is according to the Financial Times, which based its estimate on its own calculations.

The newspaper states clearly, “The midterm elections have already cost Musk about $30 billion.”

SpaceX Shares Suffer the Biggest Blow

Most of Musk’s financial losses come from a sharp drop in the value of SpaceX shares. His aerospace company’s falling stock price alone cost him more than $20 billion.

The remaining losses stem from a decline in Tesla’s share price. Musk also spent heavily to support Republican candidates during the midterm campaign, adding to his overall losses.

Republicans Lose Control of Both Chambers

According to preliminary results, Republicans lost control of both chambers of the US Congress. Americans voted to fill all 435 House seats and 35 Senate seats in the midterms.

President Donald Trump publicly congratulated the Democrats on their win. He also said Republicans could have performed much better had he personally taken part in the campaign.