Musk-backed candidates lose big; SpaceX stock drops, $400M election bets fail

In the 2026 U.S. midterm elections, candidates backed by Elon Musk suffered sweeping defeats, marking a sharp reversal for the tech mogul's political influence. Musk reportedly lost $400 million in election-related bets, and SpaceX shares fell sharply in after-hours trading. The outcome signals a potential shift in Silicon Valley's political alignment and raises questions about Musk's future political strategy.

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