Tesla, SpaceX stock slide cuts Elon Musk wealth after U.S. midterms

Traders Union
All News
Business & Wealth
Billionaires
Tesla, SpaceX stock hit Musk

Highlights

Elon Musk's net worth dropped by about $33 billion on Wednesday as Tesla and SpaceX shares each fell over 3% post-U.S. midterms.
The combined market value of Tesla and SpaceX declined by nearly $100 billion, though Musk remains $490 billion richer than Jeff Bezos.
Musk spent at least $446 million supporting Republican candidates, but Democrats won key Texas races, threatening business conditions for his companies headquartered there.

Market losses and political backdrop

As reported by Business Insider, Musk's net worth falls by about $33 billion on Wednesday as shares in Tesla and SpaceX each drop more than 3% after the U.S. midterm elections. Bloomberg's Billionaires Index values his fortune at $865 billion at Wednesday's close, compared with $375 billion for Amazon founder Jeff Bezos.

The decline wipes nearly $100 billion from the combined market value of Tesla and SpaceX, highlighting the volatility tied to Musk's concentrated stakes in both companies. The ranking still leaves him about $490 billion ahead of Bezos, and worth more than Bezos, Larry Page, and Sergey Brin combined.

Musk's political spending also comes into focus after the election outcome. The report says he spends at least $446 million supporting Republican candidates and groups before the midterms, including about $224 million in Texas, where voters instead elect Democrats James Talarico to the Senate and Gina Hinojosa as governor.

Texas business exposure and further pressure

Texas matters directly to Musk's industrial footprint because both Tesla and SpaceX are headquartered in the state and run major operations there. Tesla's main U.S. manufacturing site, Gigafactory, sits outside Austin, plans remain in place for the nearby Terafab chip factory, and SpaceX launches Starship from its Starbase facility.

The election result could carry business implications beyond a one-day market move. Hinojosa pledges an immediate moratorium on new data centers, while Democratic control of Congress could bring closer scrutiny of technology companies.

Musk reacts on X by joking that his "election-interfering space lasers" have failed, adding that SpaceX's plans to build data centers in orbit look "pretty appealing right now" after the Democratic victories in Texas. His wealth is set to come under more pressure on Thursday, with both Tesla and SpaceX shares lower again in premarket trading.

Our earlier coverage of the Nasdaq-100 (NDX) highlighted a sharp intraday selloff that left the index under short- and medium-term moving averages, keeping downside risk elevated despite still holding above the long-term trend. The article also noted the launch of JQQQ, a blockchain-native fund designed to give digital access to Nasdaq-100 exposure, while warning that heavy leadership concentration and mixed momentum signals could make the index vulnerable to further declines.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.