Elon Musk Loses $113 Billion as Tesla and SpaceX Shares Sink

Elon Musk lost an estimated $113 billion in personal wealth over two trading days as shares of Tesla and SpaceX declined following the US midterm elections, Mia Osmonbekov reported for Fortune.

Elon Musk's estimated fortune fell by $113 billion over two trading days as Tesla and SpaceX shares came under pressure following the US midterm elections. [SpaceX]

Musk, who reportedly spent between $427.5 million and $483 million supporting Republican candidates and political groups, saw his wealth decline even as the broader market initially rallied after the election.

Tesla shares fell 3.3 percent and SpaceX shares dropped 3.8 percent at Wednesday’s market close, underperforming the S&P 500, which gained 1.6 percent.

Amazon and Apple rose 6.1 percent and 5.3 percent, respectively, according to Fortune's analysis.

Musk's estimated net worth declined by $33.5 billion on Wednesday and fell by another $79.7 billion during Thursday's market selloff.

The combined two-day decline reached approximately $113 billion as of the November 5 market close, according to the Bloomberg Billionaires Index. The market value of Tesla and SpaceX also fell sharply.

Their combined valuation dropped from approximately $3.5 trillion on Tuesday night to $3.04 trillion on Thursday night, a reduction of about $456 billion.

By Thursday's close, SpaceX was valued at approximately $1.68 trillion, or 87 percent of its value on election night, while Tesla was valued at about $1.36 trillion, or 86 percent of its earlier valuation.

Investors are concerned that the companies and their founder could face increased scrutiny from the incoming Democratic-controlled Congress.

Democratic lawmakers have signaled plans to investigate Musk's role in the Department of Government Efficiency (DOGE), which was involved in efforts to reduce federal agencies and spending, as well as potential conflicts of interest arising from his government role and business interests.

SpaceX has received billions of dollars in federal contracts, making its government relationships a potential focus of congressional oversight.