Elon Musk
Elon Musk's Fortune Slips as Tesla and SpaceX Lose Over $420 Billion After Midterms
Shares of Tesla and SpaceX tumbled in the two trading sessions after the 2026 midterms, wiping out more than $420 billion in combined market value and pulling Elon Musk’s reported net worth lower, according to CNBC, CNN and Investopedia.
This article summarizes market and news reporting and is not investment advice.
How much did Tesla and SpaceX fall?
CNBC reported that SpaceX fell about 9% and Tesla about 11% on Thursday, Nov. 5, bringing aggregate market-cap losses for the two companies to more than $420 billion since Tuesday’s close. By Thursday’s close, CNBC said the combined hit reached about $456 billion.
Investopedia separately said both stocks dropped more than 3% on Wednesday even as the broader market rose, then Tesla fell about 10% on Thursday amid a wider tech sell-off. Investopedia also noted Tesla was down about 24% year to date in 2026, while SpaceX was off roughly 8% from its summer IPO price of $135.
What happened to Musk’s net worth figures?
Wealth estimates move with share prices and are not audited statements. CNBC, citing Forbes, said Musk’s fortune — which had topped $1 trillion after SpaceX’s June IPO — was below $800 billion, having dropped about $90 billion in the past week, while he remained the world’s richest person. CNN, writing earlier Thursday, cited an estimate around $898 billion. Investopedia described a recent figure “near $800 billion.” Those snapshots differ by source and timestamp; none is a personal bank balance.
Why investors linked the drop to the midterms
Democrats won control of the House and Senate, and Texas flipped key statewide races. CNBC and CNN reported that Musk was the cycle’s largest Republican donor, with contributions exceeding $470 million (Financial Times via CNBC) or more than $400 million in other tallies Investopedia cited from OpenSecrets-style analyses.
In Texas, where Tesla and SpaceX are headquartered, Democrat James Talarico defeated Attorney General Ken Paxton for Senate and Gina Hinojosa unseated Gov. Greg Abbott, CNN reported. Analysts told CNBC and CNN that investors fear:
- Tighter scrutiny of federal contractors and Starlink-related probes
- A harder path for any Tesla-SpaceX merger Musk has floated
- State-level pushback on data-center buildouts — Hinojosa campaigned on a moratorium on new approvals, Deutsche Bank and tech analyst Daniel Ives warned
CNN quoted Musk writing on X that “Data centers in space looking pretty appealing right now.” Investopedia quoted his earlier midterm joke about “election-interfering space lasers.”
FAQ
Did Musk lose a fixed cash amount?
No public report shows a cash withdrawal. Reported net worth changes largely track the market value of his stakes in Tesla, SpaceX and other holdings.
Are Tesla and SpaceX both public?
Yes. Tesla (TSLA) has long traded publicly; SpaceX (SPCX) went public in June 2026, per the outlets above.
Is this investment advice?
No. Share prices, net-worth rankings and political forecasts change quickly; consult a licensed adviser for personal decisions.
Earlier coverage: Elon Musk Jokes About 'Space Lasers' After Record Midterm Spending Fails to Save Republicans (Nov 4)