Elon Musk’s record election bet backfired. The backlash may reach beyond one billionaire

Democrats' sweeping midterms victory marked a major rejection of Elon Musk and the artificial intelligence industry, resulting in a broader backlash against U.S. President Donald Trump and his tech allies. Musk spent a record of at least $474 million on the midterms with much of it funneled into Texas, only to see his favored candidates defeated. The outcomes rattled markets, sent shares of Musk's companies lower, and raised the prospect of increased legislative and regulatory scrutiny. Open article →