The key facts

  • On November 3, Democrats took control of both chambers of Congress from the Republicans
  • Trump put the country's losses at $3 trillion and linked the defeat to rising gasoline prices amid the war against Iran
  • Tesla and SpaceX shares fell by about 11% and 9% after the election, with losses exceeding $420 billion

Trump's statement after the election

US President Donald Trump said the country lost $3 trillion due to the Democrats' victory in the midterm elections. Speaking at a space center in Florida, he said: 'We lost three trillion dollars yesterday. Our country lost three trillion, all because of the election.' According to him, he would have been more upset if the Democrats' victory had led to stock markets rising. This is reported by Gazeta.Ru citing RIA Novosti.

Election results and the president's explanation

In the midterm elections on November 3, the Democratic Party won a convincing victory and gained a majority in both chambers of Congress, taking control away from the Republican Party. Trump himself linked the Republicans' defeat to the consequences of the war against Iran, primarily rising gasoline prices.

Market and corporate reaction

The market consequences of the election go beyond the president's statement. According to CNBC, after the vote, shares of Elon Musk's companies Tesla and SpaceX fell by roughly 11% and 9% respectively, and their combined losses exceeded $420 billion. It was also previously reportedthat the US election cost the heads of tech companies tens of millions of dollars. Thus, the $3 trillion figure is Trump's own estimate, whereas the specific losses of individual companies are confirmed by market data cited by the outlets.