The secular Republican People's Party (CHP) candidate, Ekrem Imamoglu, swamped Erdogan's Justice and Development Party (AKP) candidate Binali Yildirim in an election that many see as a report card on the President's 17 years of power.

So what does the outcome of the election mean for the future of Turkey, and in particular, its powerful president? For starters, an internal political realignment, but also maybe a dangerous foreign policy adventure.

Erdogan and his Party have been weakened politically and financially by the loss of Istanbul, even though the President did his best to steer clear of the campaign over the past several weeks. Since it was Erdogan that pressured the Supreme Election Council into annulling the results of the March 31 vote, whether he likes it or not, he owns the outcome.

His opponents in the AKP are already smelling blood. Former Prime Minister Ahmet Dovutoglu, who Erdogan sidelined in 2016, has begun criticizing the President's inner circle, including Berat Albayrak, his son-in-law and current Finance Minister. There are rumors that Dovutoglu and former deputy Prime Minister Ali Babacan are considering forming a new party on the right.