14:50 - 6.11.2026

---

November 6, Fineko/abcnews. Shares in Elon Musk's business empire tumbled following Democratic gains in the US midterm elections.

Tesla shares fell 11%, while SpaceX dropped 9%, wiping out $460 billion in combined market capitalization since the election results were finalized.

Political shifts in Texas and proposed restrictions on data center expansions have heightened regulatory concerns among investors. Consequently, Musk’s net worth shrank by $71 billion to $793 billion. Although he remains the world's richest person, his wealth has substantially declined from its peak of $1.3 trillion recorded in June following SpaceX's initial public offering.