Elon Musk’s net worth fell by nearly $30 billion after Democrats won the U.S. midterm elections on November 3, 2026, the Financial Times reported. The paper loss followed declines in Tesla and SpaceX shares as investors assessed the political shift, including Democratic control of both chambers of Congress and victories in traditionally Republican states such as Texas.

The losses were unrealized and reflected a decline in the market value of Musk’s holdings rather than asset sales. At the close of trading on November 4, Tesla shares had fallen 3.34%, from $398.50 to $385.19, while SpaceX shares had dropped 3.81%, from $141.31 to $135.92.

Declines in Tesla and SpaceX holdings

According to a Tesla filing, Musk beneficially owned about 699.6 million Tesla shares, or 19.8% of the company, as of September 30, 2026. The November 4 decline of $13.31 per share reduced the estimated market value of that stake by about $9.3 billion. Tesla price data are available through TradingView.

The estimated decline in Musk’s SpaceX holdings was larger. In an SEC filing submitted in August 2026, Musk disclosed beneficial ownership of about 6.42 billion SpaceX shares, including restricted stock and options. About 4.77 billion Class A and Class B shares were held in trusts linked to him.

SpaceX shares fell by $5.39 during the November 4 session, reducing the estimated value of the 4.77 billion-share stake by about $25.7 billion. SpaceX price data are available through TradingView.

Based on November 4 closing prices, the combined estimated decline in Musk’s Tesla and SpaceX stakes was about $35 billion. That differs from the nearly $30 billion reported by the Financial Times because the calculation used closing prices rather than intraday levels.

Republican spending and Texas losses

The Financial Times estimated that Musk spent about $446 million supporting Republicans. CNBC reported spending of at least $474 million, including about $224 million tied to Texas.

Senate candidate Ken Paxton and Governor Greg Abbott, both backed by Musk, lost their races. The results were particularly significant for Musk because Tesla and SpaceX are headquartered in Texas.

The broader U.S. stock market gained after the election, indicating that investors assessed the political consequences differently across companies and sectors.

Data center concerns

Democratic gains also raised concern about tighter oversight of data centers because of their electricity use, pressure on infrastructure and potential effect on power rates. Gina Hinojosa, the Democrat who won the Texas governor’s race, supports a moratorium on new data center construction until relevant regulations are developed.

Wells Fargo estimates that Texas represents about 27% of planned U.S. data center capacity. Potential restrictions in the state could therefore affect a significant share of U.S. AI infrastructure.

In premarket trading on November 4, CoreWeave shares fell about 3.3%, Applied Digital declined 3% and IREN dropped 4.3%. Price charts for IREN and CoreWeave are available through TradingView.

Large technology companies moved in the opposite direction. Amazon shares rose about 7%, Microsoft gained 5.5%, Alphabet advanced 3% and Meta increased 2%.

Dan Ives of Yorkville Ives & Co. said Democratic control of the Senate would create additional hurdles for AI and technology legislation over the next two years. He identified the political changes in Texas as a particularly significant risk.

Musk responded on X that placing data centers in space now looked like an attractive idea. Potential restrictions remain under political debate, and their impact on AI infrastructure investment will depend on specific federal and state legislative decisions.

Source: Incrypted