Elon Musk's election-night losses dwarf his $474 million political spending

Economist Justin Wolfers estimates Elon Musk lost between $50 billion and $70 billion in personal wealth on election night as Tesla and SpaceX shares fell following the Democratic sweep of Congress, far exceeding his record $474 million in Republican campaign donations. Tesla dropped about 4% and SpaceX nearly 5% while the broader market rose, shaving roughly $54 billion off Musk's net worth given his large stakes in both companies. Wolfers noted the loss was over a hundred times his political spending, though he called the SpaceX figure less reliable due to its recent public trading. Wolfers argued the true impact could be hundreds of billions under a Democratic Congress, citing over $200 million spent on losing Texas Senate candidate Ken Paxton. He warned future billionaires may bet more strategically, saying "you ain't seen nothin' yet."