Musk's Business Empire Under Scrutiny After Democrats' Midterm Election Victory

Elon Musk, the world's richest person, has been hit hard by the Democratic Party's victory in the US midterm elections and the'Blue Wave'of political change. Musk's Texas-based business empire is now under intense scrutiny as Democrats have gained control of the US Congress. Tesla Inc shares fell 3.3% and SpaceX shares fell 3.8% on Wednesday after the unexpected victory of Democratic candidates in the election results. Within a day, the combined market value of the two companies was about $130 billion (about $1 trillion). Elon Musk has been a major and major donor to the Republican Party, so this major victory of the Democrats in the US has created new political risks for his business. Market experts had warned before the election that if the dominance of the Democrats in Parliament increases, they can also disrupt the work of the Artificial Intelligence (AI) giant Tesla and the Texas-Mercer.