Elon Musk Loses About $80 Billion in a Day as Tesla and SpaceX Plunge After Midterm Rout

Elon Musk lost about $80 billion of his estimated net worth in a single day on Thursday, November 5, as shares in Tesla and SpaceX fell sharply after Democrats swept the midterm elections and took control of Congress. Forbes estimated that his fortune dropped by about 9 percent in one day, falling below the $800 billion mark to about $796.4 billion by Thursday afternoon. A later Forbes real-time reading put his net worth at $789.5 billion on November 6. The loss came less than a month after Musk returned to trillionaire status, and it followed a two-day selloff that wiped out hundreds of billions in combined market value.

Quick Facts

What Happened to Tesla and SpaceX Shares

The selling started on Wednesday, the day after voters went to the polls, and it picked up speed on Thursday. Tesla shares fell about 3.3 percent on Wednesday and then dropped about 11.5 percent on Thursday, although some reports put the Thursday fall closer to 10 percent. SpaceX shares fell about 3.8 percent on Wednesday and then lost about 8 to 9 percent on Thursday. The slide hit Musk directly because so much of his wealth is tied to the two companies he leads.

Tesla is now down about 24 percent in 2026 by one measure, and SpaceX is trading below its $135 initial public offering price from June, the listing that first made Musk a trillionaire. Together, Tesla and SpaceX lost roughly $456 billion in combined market value over two trading days, according to Dow Jones Market Data, while CNBC put the figure at more than $420 billion from Tuesday close.

For Musk personally, the pain arrived in two waves. On Wednesday he lost about $33 billion to $34.5 billion in a single day, with Bloomberg valuing him at $865 billion at the close. On Thursday the loss was far larger, about $80 billion by the Forbes estimate. These figures are estimates that move with share prices, since a billionaire net worth is mostly a paper value tied to shares. For more on the wider market slide, read our report on the Nasdaq entering correction territory as the Dow plunged 1,833 points on November 5.

Why the Midterm Results Hit Musk So Hard

The direct cause of the selloff was the midterm result. Democrats swept the contests and took control of Congress, a result that caught many investors by surprise and changed the political outlook for Musk companies overnight. Markets do not like uncertainty, and a change of control in Washington brings plenty of it for a businessman whose companies depend on government contracts and friendly regulators.

Investors fear a Democratic Congress will bring increased scrutiny of Musk businesses, including possible congressional probes into his companies and their contracts. SpaceX holds major government contracts, including work tied to national security. Tesla benefits from federal policies around electric vehicles and clean energy. When the party in power changes, the people asking the questions change too, and investors priced in the risk that the questions will be tougher from now on.

Texas is another pressure point. Musk moved much of his business empire there in recent years, and Democrats in the state have vowed to scrutinise the incentives his companies received. Thursday was a brutal day across the board, and the rout wiped out about $121 billion from the top billionaires combined, according to Bloomberg index. Musk was the biggest loser on a very bad day for the wealthy, because his two companies fell much harder than the market as a whole.

How Much Musk Spent and What It Bought

The political story behind the market story is Musk own spending. He spent at least $445 million to $474 million backing Republican candidates and groups in the 2026 cycle, making him the top individual donor. About $224 million went to backing Republicans in Texas alone. It was an enormous public bet on a Republican victory, with Musk openly campaigning for Republican candidates and causes.

The bet did not pay off. Republicans lost control of Congress, and the man who spent more than anyone else to stop that outcome is now facing the consequences in the stock market. He put nearly half a billion dollars behind one side, and the other side won. Investors are now asking what that means for his companies, his access in Washington, and his ability to shape policy. For the full picture, read our earlier report on how Elon Musk 474 million dollar midterm spending failed to save Republicans.

There is also a longer question about whether political spending on this scale helps or hurts a business leader. Musk has always mixed business and politics in a way few other chief executives do. Supporters say that boldness is part of what makes him successful. Critics say it creates risks that shareholders have to carry. This week, the critics have the stronger case. None of this means his influence is gone, but he now has to deal with a Congress run by the party he campaigned against.

What the Two-Day Selloff Cost the Market

The damage went beyond Musk personal fortune. The combined $456 billion wiped from Tesla and SpaceX in two days is one of the largest two-day losses for a pair of companies linked to a single person. It dragged down indexes, hurt funds that hold large positions in Tesla, and rattled investors who had treated the two stocks as safe bets. Tesla is held widely by retirement funds and ordinary investors, so a sharp fall in its share price is felt far beyond Wall Street.

The selloff came at the end of a year in which Tesla shares had already been under pressure, and it reminded investors that politics can move markets as fast as earnings or interest rates. For a look at how that used to play out, read our report on the Dow surging 1,569 points in its best post-midterm day since 1982. This time, the reaction was very different, at least for Musk companies.

What Happens Next for Musk and His Companies

The first question is whether the selling stops here or keeps going. Sharp falls often attract buyers who see a bargain, and Tesla and SpaceX are still enormous companies with real products and loyal customers. Musk companies have bounced back from steep drops before. But this drop has a political cause, and political causes do not fade in a day. As long as investors believe a Democratic Congress will put pressure on his companies, the shares may stay under strain.

The second question is how Musk responds. He could keep a low profile, focus on running his companies, and let the political storm pass. He could also push back publicly, as he has done many times before. Each path carries risk. Silence might look like retreat, while a public fight with Congress might worry investors more. His next moves will be watched closely, not just by shareholders but by everyone who follows wealth and politics in America.

The third question is the simplest. Does any of this change daily life? For most people, the answer is no. Musk is still the richest person in the world by a huge margin, about $490 billion ahead of Amazon founder Jeff Bezos, who was worth about $375 billion. His companies still make cars, launch rockets, and employ tens of thousands of people. A paper loss, even one as large as $80 billion, does not close factories or cancel launches. What it does change is the story around Musk. Less than a month ago he was celebrating a return to trillionaire status, and the midterm rout may now push him to rethink how openly he ties his business empire to electoral politics.

Frequently Asked Questions

How much money did Elon Musk lose in one day?

Forbes estimated that Musk lost about $80 billion on Thursday, November 5, a drop of about 9 percent that took his estimated net worth to about $796.4 billion. A Forbes real-time reading on November 6 put his fortune at about $789.5 billion. These figures are estimates that move with share prices.

Why did Tesla and SpaceX shares fall so sharply?

The shares fell after Democrats swept the midterms and took control of Congress. Investors fear increased scrutiny, possible congressional probes, and tougher questions about state incentives in Texas. Tesla fell about 11.5 percent on Thursday and SpaceX fell about 8 to 9 percent.

Is Elon Musk still the richest person in the world?

Yes. Even after losing about $80 billion in a day, Musk remains the richest person in the world, about $490 billion ahead of Amazon founder Jeff Bezos, who was worth about $375 billion. His lead is so large that even a historic one-day loss has not changed the ranking.

How much did Musk spend on the midterm elections?

Musk spent at least $445 million to $474 million backing Republican candidates and groups in the 2026 cycle, making him the top individual donor. About $224 million went to backing Republicans in Texas. Republicans lost control of Congress despite that spending, which is why investors now see added political risk.

Sources

• Forbes Africa – What Democrats Midterm Wins Could Mean for Elon Musk and His Net Worth
• UNILAD – Elon Musk Net Worth After the Midterms
• Investopedia – Shares of Elon Musk Tesla and SpaceX Fall After Midterms

Final Thoughts

Losing about $80 billion in a single day is a number so large that it is hard to grasp, yet for Elon Musk it is a reminder of how his fortune works. It rises and falls with the share prices of Tesla and SpaceX, and this week those prices fell hard because voters changed the political landscape. He bet hundreds of millions on a Republican victory, the Democrats won control of Congress, and the market delivered its verdict in two brutal trading days.

Even so, perspective matters. Musk is still the richest person alive by an enormous margin, and paper losses can reverse as quickly as they arrive. The real test is what comes next. If the political pressure eases and the shares recover, this week will be remembered as a sharp but short shock. If scrutiny grows and the selling continues, it could mark the moment his political bets started to cost his business empire in a lasting way.