- Musk's fortune declined by billions after US midterms.
- Tesla and SpaceX shares experienced significant drops.
- Deleted social media posts supporting Republican candidates.
Tesla CEO and billionaire Elon Musk has reportedly lost around 30 billion dollars following the Republican Party's major setback in the US midterm elections. The decline in his wealth comes as shares of his companies, Tesla and SpaceX, witnessed a sharp fall. Musk has also deleted several social media posts in which he urged Americans to vote for Republican candidates.
According to Forbes, Musk's estimated net worth fell by 80 billion dollars on Thursday afternoon, taking it below the 800 billion dollars mark. This came less than a month after he reportedly regained his trillionaire status. His personal fortune declined by an estimated 34.5 billion dollars to 45 billion dollars within 24 hours of the election.
Tesla shares slid 11.5 per cent to their lowest level since August, while SpaceX's stock dropped 8 per cent to around 125 dollars per share. Musk owns nearly 50 per cent of SpaceX.
The latest decline marks one of the biggest hits to Musk's fortune. His net worth had previously dropped by 80 billion dollars in August and plunged by 350 billion dollars in June. The Financial Times estimated that Musk was around 30 billion dollars poorer following the latest losses.
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His net worth stood at an estimated $878 billion on Wednesday. However, he lost 23.7 billion dollars as shares of Tesla and SpaceX declined.
Meanwhile, US President Donald Trump has also suffered financial losses since Election Day. Shares of Trump Media & Technology Group plunged by more than 11 per cent, resulting in losses of over 200 million dollars, Forbes reported.
Elon Musk Deletes Pro-Republican Posts
Following the Republican Party's electoral setback, Musk, who had strongly backed US President Donald Trump, deleted several of his election-related posts on X.
Guess my election-interfering space lasers didn’t work this time 🤷♂️
— Elon Musk (@elonmusk) November 4, 2026
One of the deleted posts was a pinned message from October 29, in which Musk had urged Americans to vote for Republican senators. He removed it early Wednesday, around the time Democrat James Talarico claimed victory in the Texas Senate race. His victory marked a defeat for Republican Ken Paxton, who had received strong support from Musk.
Data centers in space looking pretty appealing right now
— Elon Musk (@elonmusk) November 4, 2026
The deletions did not go unnoticed by users on X. When one user asked whether Musk was removing his election-related posts, his AI chatbot Grok replied, "True".
Grok said Musk had removed his "Vote red today!" post after the results showed "major Republican losses".
Musk made very few direct comments about the midterm elections on Tuesday. However, on Wednesday morning, he shared several posts analysing the election results. Later, he sarcastically wrote, "Guess my election-interfering space lasers didn't work this time."
This came shortly after he posted, "Data centres in space are looking pretty appealing right now."
How Much Did Elon Musk Spend On Republican Candidates?
Musk had spent at least 458 million dollars, or approximately Rs 4,400 crore, backing Republican candidates and conservative groups during the midterm election cycle, according to Federal Election Commission filings.
He increased his spending during the second half of the campaign in an effort to help Republicans retain control of Congress.
Some of his biggest contributions went towards the Texas Senate race, the Senate Leadership Fund, a major Republican super PAC, and key House races in New York, New Jersey and Iowa.
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Around 216 million dollars went directly to his own political action committee, America PAC. The group spent the money on voter outreach, campaign workers and digital advertisements.