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Elon Musk loses over $60 billion after Republican defeat in midterm elections

2026-11-04 23:16:35Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Elon Musk loses over $60 billion after Republican defeat in midterm elections
Elon Musk

Elon Musk has lost more than $60 billion of his fortune following Republican defeats in the midterm elections in the United States, despite spending an estimated $446 million to help the Republican Party retain control of Congress.

According to the Financial Times, a significant portion of Musk's political spending was focused in Texas, where Republicans suffered a significant electoral blow.

The election results were accompanied by a decline in the shares of the billionaire's companies. Tesla shares fell 5.7%, while SpaceX was reported to have fallen 7.6% in early trading. These developments have further contributed to the shrinkage of Musk's wealth.

Meanwhile, Democratic control of Congress could bring stronger oversight of a potential merger between Tesla and SpaceX before Donald Trump's term ends in 2029.

Thus, Republican electoral losses could have consequences not only political, but also financial and for Musk's business interests.


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