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‘The nail that sticks out gets hammered first’: Elon Musk’s net worth falls $113 billion from Tesla and SpaceX drops
Investors are seemingly worried SpaceX and Tesla and their founder will face increased scrutiny from the new Congress.
Brief
Elon Musk's personal fortune fell about $113 billion over two sessions after the midterm elections, according to the Bloomberg Billionaires Index. Tesla shares dropped 3.3% and SpaceX fell 3.8% on Wednesday, and losses deepened Thursday as the broader market turned lower. The pair lost roughly $456 billion in market value over 48 hours, leaving SpaceX near 87% and Tesla near 86% of their midterm-night levels. Investors are concerned that Democrats in Congress may scrutinize Musk's role in DOGE, his political donations, and SpaceX's federal contracts. Keith Snyder of CFRA Research told Fortune the selloff looked like an overreaction, noting that Trump still holds veto power and the FCC is Republican-led. He said the bigger risk could come if Democrats win the White House in two years.
Why it matters: The sell-off shows how election outcomes can quickly reprice companies tied to federal contracts and AI infrastructure.
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