Elon Musk spent at least $474 million on the US midterm elections, nearly half of it in Texas, only for his favoured candidates to lose, CNBC reports. According to the broadcaster's analysis of campaign finance records, $224 million went to Texas, where the Republican Senate nominee Ken Paxton and Governor Greg Abbott were both beaten in a Democratic wave.
SpaceX and Tesla shares fell overnight, and wider technology stocks came under pressure as Democrats won control of Congress. Voters elsewhere elected critics of the AI industry and backed limits on data centres. Texas is home to Tesla's largest US car factory and SpaceX's Starbase launch site, which rely on state decisions about power, water and permits. Governor-elect Gina Hinojosa has called for a moratorium on new data centres and an end to industry tax breaks.
Source: CNBC