Elon Musk’s (@elonmusk) fortune took a roughly $23 billion hit after Democrats won control of both chambers of Congress in the 2026 midterm elections, pressuring shares of Tesla…
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Elon Musk’s (@elonmusk) fortune took a roughly $23 billion hit after Democrats won control of both chambers of Congress in the 2026 midterm elections, pressuring shares of Tesla ($TSLA) and SpaceX ($S…
Elon Musk’s (@elonmusk) fortune took a roughly $23 billion hit after Democrats won control of both chambers of Congress in the 2026 midterm elections, pressuring shares of Tesla ($TSLA) and SpaceX ($SPCX). Musk ended Tuesday worth about $898 billion, according to Bloomberg, before weakness in both companies pushed his estimated net worth closer to $875 billion. Tesla shares fell about 3.5% Wednesday, while SpaceX dropped roughly 1.9%. Based on Musk’s reported stakes, the declines erased nearly $6 billion from his Tesla holdings and about $16.9 billion from SpaceX. The losses came after Musk spent heavily trying to help Republicans retain control of Congress. He reportedly committed about $474 million during the midterm cycle, including roughly $224 million in Texas, where both Tesla and SpaceX are headquartered. Those efforts did not produce the outcome he wanted. Democrats won both chambers nationally, while Democratic candidates also captured major statewide races in Texas cited in the report. The political shift could bring greater scrutiny of Musk’s businesses and his previous government role, including questions involving DOGE, Starlink access in Ukraine and potential conflicts tied to government influence. A Democratic Congress could have mixed implications for Tesla. Renewed EV incentives could support vehicle demand, while tighter rules around data centers, AI infrastructure and autonomous vehicles could create new challenges. SpaceX could also face pressure if lawmakers push federal agencies toward multi-vendor contracting instead of relying heavily on a single provider.
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