Elon Musk has lost more than $60 billion in wealth following Republican defeats in the U.S. midterm elections, despite spending an estimated $446 million to help the party retain control of Congress. Much of his political spending targeted Texas, where Republicans suffered a major setback. Tesla shares fell 5.7%, while SpaceX was reported down 7.6% in early trading, further denting Musk’s fortune. Democratic-controlled Congress could also intensify scrutiny of a potential Tesla-SpaceX merger before Trump leaves office in 2029. https://www.ft.com/content/9a8d4922-74dd-4149-bb28-a15f719ca836