Elon Musk loses $113 billion as Tesla and SpaceX shares slide after Democratic sweep

Elon Musk lost approximately $113 billion in net worth over two days following the Democratic midterm sweep, as Tesla and SpaceX shares fell sharply amid investor concerns about political retaliation from the new Congress. Tesla shares dropped 3.3% and SpaceX fell 3.8% on Wednesday, underperforming the S&P 500's 1.6% gain, with losses accelerating on Thursday. The combined market cap of both companies fell from about $3.5 trillion to $3.04 trillion, wiping out roughly $456 billion in total value. Democrats have signaled plans to investigate Musk's role in DOGE and potential conflicts of interest, given SpaceX's federal contracts. Analysts suggest the selloff may be a knee-jerk reaction, noting President Trump's veto power and Republican majority at the FCC could limit Democratic action.