Washington | Indian-American Vivek Ramaswamy, who was backed by US President Donald Trump, lost Ohio's gubernatorial race to Democrat Amy Acton.
Ramaswamy, 41, lost to 60-year-old Acton, who became the first woman to be elected governor of the state.
Acton bagged over 51 per cent of the votes while Ramaswamy won over 45 per cent.
In concession remarks in Ohio after losing the governor's race, Ramaswamy said: "It was a tough race. It was bitter at times in both directions... All of us in this room should be rooting for the success of her administration," C-SPAN quoted him as saying.
The billionaire also thanked his parents, his wife and her parents for their support.
Ramaswamy lost despite having top strategists from his and Vice President JD Vance's political teams advising him, NBC News reported.
Ramaswamy, who made an unsuccessful bid against Trump for the Republican presidential nomination in 2024, pumped more than USD 36 million in loans from his personal fortune into the race, The Washington Post reported.
He also received millions of dollars in donations from fellow billionaires Elon Musk and Jeffrey Yass, NBC News reported.
Days ahead of the election, Ramaswamy drew criticism for the decision to air an ad in which Acton's mother, Donna Arthur, called her daughter a liar and urged Ohioans not to vote for her, the report said.
Acton said she has not seen or spoken with Arthur in nearly 50 years and has accused her mother's then-husband of sexually abusing her as a child, it said.
Ramaswamy helped Elon Musk plan President Donald Trump's Department of Government Efficiency initiative to overhaul the federal government.
After quitting the post, Ramaswamy received an endorsement from Trump. The president travelled to Ohio to lend his support to Ramaswamy.
