United States: Elon Musk loses over $60 billion after Republicans’ election defeats

Author: Cédric AmoussouPublished on: November 4, 2026Country: United States

PoliticsBusiness & Economy

United States: Elon Musk loses over $60 billion after Republicans’ election defeats

Following Republican defeats in the November 3, 2026 midterm elections, Elon Musk’s fortune reportedly fell by more than $60 billion. The Financial Times linked the decline in part to early trading losses of 5.7% for Tesla shares and 7.6% for SpaceX shares. Democrats regained control of both chambers of Congress, while in Texas Republican Ken Paxton lost to James Talarico and Greg Abbott lost to Gina Hinojosa, two candidates Musk had supported. US media reported that Musk spent about $446 million backing Republican candidates and affiliated organizations during the campaign.

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