Elon Musk reportedly loses more than $60 billion after Republican midterm defeats despite $446 million in political spending

Elon Musk has reportedly lost more than $60 billion in wealth following the Republican Party’s defeat in the U.S. midterm elections, despite spending an estimated $446 million to help the party retain control of Congress.

According to a report attributed to the Financial Times and circulated by Clash Report on Wednesday, November 4, the billionaire’s financial losses have been compounded by sharp declines in the valuations of Tesla and SpaceX, two of his most important business interests.

Musk’s political spending was heavily concentrated in Texas, where Republicans suffered major electoral setbacks despite substantial financial support from the technology entrepreneur.

The reported $446 million expenditure highlights the scale of Musk’s involvement in the election campaign and the limits of financial backing in determining electoral outcomes.

Tesla shares fell 5.7%, while SpaceX shares were reported to have declined 7.6% in early trading, adding pressure to Musk’s estimated net worth.

The declines came as investors assessed the implications of a Democratic-controlled Congress for Musk’s companies and their relationship with the federal government.

Musk’s business interests span electric vehicles, aerospace, satellite communications and artificial intelligence, sectors in which federal contracts, regulation and government policy can have significant financial consequences.

The election results could also complicate a potential merger between Tesla and SpaceX before President Donald Trump’s term ends in January 2029.

According to the report, Democrats controlling Congress may intensify scrutiny of such a transaction, particularly over competition, corporate governance and the relationship between Musk’s companies and the federal government.

Any merger would face substantial regulatory and financial questions, although the report did not establish that a transaction had been formally announced or agreed upon.

Musk’s estimated wealth is closely tied to the valuations of his companies, meaning changes in share prices and private-market estimates can produce large fluctuations in his reported fortune without representing equivalent cash losses.

The reported decline nevertheless illustrates the financial uncertainty facing one of Trump’s most prominent business allies following an election in which his political spending failed to prevent Republican losses.