The key facts
- Financial Times estimated the decline in Musk's fortune at roughly $30 billion, of which over $20 billion was attributable to SpaceX
- Democrats gained control of the Senate and the House of Representatives; the new Congress will begin work on January 3, 2027
- Trump blamed rising fuel prices for the defeat and refused to consider the loss his own
Assessing the losses and the market reaction
Elon Musk's fortune may have shrunk by roughly $30 billion after the US midterm congressional elections — this is the estimate given by Financial Times, linking it to the decline in shares of the entrepreneur's companies. According to the newspaper, in early trading SpaceX and Tesla shares fell by 3.5% and 2.8% respectively, despite the overall rise of the American stock market. Gazeta.Ru , citing the same FT piece, specifies that the main blow to his capital came from SpaceX: the drop in the value of its shares cost Musk more than $20 billion.
What is important to understand about this figure
We are talking about a decline in the market value of Musk's stakes in the companies, not a direct loss of cash: the estimate follows stock quotes and may change. Notably, both publications rely on the same FT article, so the $30 billion figure is not independent confirmation but a retelling of a single estimate. The elections themselves served as the political backdrop: as a result of the November 3 vote, Democrats gained control of both the Senate and the House of Representatives, although before the election both chambers were controlled by the Republican Party. FT notes that Democrats had previously advocated increased oversight of Musk's companies, and the opposition's return to congressional leadership opens the door to new parliamentary investigations.
The reactions of Musk and Trump
Musk himself commented ironically on the Republicans' defeat, joking about the failure of his 'space lasers'; meanwhile, The New York Times, according to Life.ru, estimated his campaign spending at $474 million. US President Donald Trump saidthat the election results surprised him, but he refused to consider the party's loss his own, citing rising fuel prices; earlier he also acknowledgedthat the conflict with Iran had affected the results. The new 120th Congress will begin work on January 3, 2027 — until then, Republicans retain a majority in both chambers.
