Musk deletes posts backing Republicans:Spent ₹4,400 cr campaigning for Trump’s party; net worth falls by ₹2.8 lakh cr after defeat

Elon Musk deleted social media posts supporting the Republicans after Donald Trump’s Republican Party lost the US midterm elections. Musk had spent at least $458 million, or around ₹4,400 crore, supporting Republican candidates in the midterm elections. Musk’s wealth also took a hit after the election. The Financial Times estimated that his wealth had fallen by around ₹2.8 lakh crore. Musk’s reaction to the Republican defeat Musk had said very little directly about the midterm elections on Tuesday. However, on Wednesday morning, he shared several posts analysing the election results. Their biggest contribution went towards the Texas Senate election, the Republican Party’s major super PAC, the Senate Leadership Fund, and key House elections in New York, New Jersey and Iowa. 5 Major Reasons for Trump’s Republican Party’s Defeat According to University of Essex professor Natasha Lindstaedt, several factors were behind the Republican Party’s defeat. These included: Fuel prices: Petrol and diesel prices rose because of the Iran war. Ordinary Americans were angry. Tariffs: The taxes imposed by Trump affected farmers, people in rural areas and many businesses. ICE raids: A large number of Americans were also angered by raids carried out by the immigration agency. The Epstein files: The issue of files linked to Epstein also worked against the Republicans in the election. Trump’s attitude: According to Lindstaedt, Trump does not admit his mistakes. He also does not apologise for his wrong decisions. 4 new records set in this election