Elon Musk suffers massive $113 billion wealth loss following Republican midterm defeat

Musk owns approximately 17.7 percent of the electric vehicle manufacturer.Meanwhile, SpaceX shares declined 3.8 percent on Wednesday and a further nine percent on Thursday, dealing another blow to Musk's wealth.

He holds a 10.3 percent stake in the aerospace company.The losses come after Musk spent approximately $446 million supporting Republican candidates and political campaigns during the midterm elections.However, Democrats secured control of Congress, raising concerns among investors about increased government scrutiny and potential regulatory changes affecting Musk's businesses.Despite the sharp decline, Musk remains the world's richest person, with an estimated net worth of $785 billion.His fortune is still more than….

Elon Musk suffers massive $113 billion wealth loss following Republican midterm defeat November 6, 2026.