Elon Musk became one of the biggest losers of the American midterm elections

Elon Musk faces significant losses following the Democrats' victory in the U.S. midterm elections, impacting his business interests. Analysts suggest that a Democrat-majority Congress could hinder tech developments, especially after several Republican seats turned Democrat. Musk had relocated investments to Texas to escape California's regulations, but Texas also elected a Democrat governor who opposes new data centers. This shift could affect Musk's planned projects, as 41% of new data centers were intended for Texas. Following the elections, shares of SpaceX and Tesla dropped over 3%. Additionally, there is growing public opposition to AI investments, leading states to retract tax incentives for tech companies, complicating Musk's position further.