Key facts
- Musk spent at least $446 million supporting Republican candidates and groups ahead of the midterms, including about $224 million in Texas.
- Tesla and SpaceX shares each dropped more than 3% on Wednesday, November 4, 2026, wiping close to $100 billion from their combined market value.
- Musk was worth $865 billion at Wednesday's close, per Bloomberg's Billionaires Index, with Bezos at $375 billion.
- Hinojosa has pledged an immediate moratorium on new data centers, and Democratic control of Congress could bring closer scrutiny of technology companies.
- Musk's net worth was set to fall further on Thursday, November 5, 2026, with Tesla and SpaceX shares lower in premarket trading.
Elon Musk's estimated fortune fell $33 billion on Wednesday, November 4, 2026, after shares in Tesla and SpaceX each dropped more than 3% following the US midterm elections, according to Bloomberg's Billionaires Index. He was worth $865 billion at Wednesday's close, while Amazon founder Jeff Bezos, his nearest rival, was worth $375 billion, leaving Musk $490 billion ahead.
The sell-off followed a costly political defeat for Musk, who spent at least $446 million supporting Republican candidates and groups ahead of the midterms, including about $224 million backing Republicans in Texas. Voters there instead elected Democrats James Talarico to the Senate and Gina Hinojosa as governor. The results could have consequences for Musk's businesses beyond a single trading day, given that both are headquartered in Texas and have significant operations there.
Tesla's main US manufacturing plant, or Gigafactory, is based just outside Austin, and plans are in place to build Terafab, Musk's chip factory, nearby. SpaceX also launches Starship from its Starbase facility. Hinojosa has pledged an immediate moratorium on new data centers, while Democratic control of Congress could bring closer scrutiny of technology companies.
Musk responded on X by joking that his "election-interfering space lasers" had failed. He added that SpaceX's plans to build data centers in orbit looked "pretty appealing right now" after the Democratic victories in Texas. His net worth was set to fall further on Thursday, November 5, 2026, with shares in both Tesla and SpaceX lower once again in premarket trading.