The key facts

  • Musk's fortune shrank by more than $60 billion after the Democrats' victory in the midterm elections
  • Musk's political spending is estimated at $446 million (The Washington Post); other estimates are lower
  • Tesla shares fell 5.7% and SpaceX 7.6% at the start of trading

The biggest financial loser of election night

Elon Musk lost more than $60 billion after Republican defeats in the US midterm elections, the Financial Times reports. The outlet calls him one of the biggest financial losers of election night: the decline in the value of his business assets compounded the losses. According to The Washington Post, Musk directed about $446 million to Republican campaigns, although other estimates cite smaller sums. A significant share of the spending went to the Senate elections in Texas — a state Musk considers his home — where the Republican candidates he backed suffered notable defeats.

Falling assets and possible consequences

At the start of trading, Tesla shares fell 5.7%, and SpaceX, according to available data, fell 7.6%, adding pressure on Musk's fortune. The Financial Times also notes that the election results could complicate plans to combine Tesla and SpaceX: a Democrat-controlled Congress could intensify scrutiny of a potential merger before the end of President Donald Trump's term in January 2029, although lawmakers would not necessarily be able to block such a deal.