Midterm gamble, sliding stocks: Elon Musk's pricey election hangover continues

Elon Musk, the world's richest man and a prominent MAGA supporter spent nearly half a billion dollars backing Republican candidates in the midterm elections, hoping to help the party retain control of Congress and keep Texas red.But US President Donald Trump's Republicans suffered a sweeping defeat.

Democrats won control of both chambers of Congress, while Gina Hinojosa defeated Greg Abbott in the Texas governor’s race, ending more than three decades of Republican rule in the state.The results dealt a setback to Trump and Musk, one of his closest allies.Musk's election spending was not his only setback.