Elon Musk Loses $33.5 Billion

What happened

Elon Musk’s net worth fell $33.5 billion Wednesday as Tesla and SpaceX shares dropped following Republicans’ midterm losses, according to Bloomberg’s billionaires index.
Musk spent at least $445 million supporting Republicans, but Democrats won control of Congress and key races in Texas, where his companies are based.
After the losses, Musk deleted his Election Day “Vote red today!” post and an earlier appeal to support Republican Senate candidates; he has not explained why.
The sell-off in Musk’s companies came as the broader stock market rose, with the Dow Jones Industrial Average gaining about 3%.
Musk now faces possible congressional investigations, while Texas’ incoming Democratic leaders have proposed investigating Starlink broadband grants and halting new data center construction.

How the left told it

Left-leaning outlets largely framed the results as a costly political defeat that could threaten Musk’s businesses. CNN emphasized potential scrutiny from Texas’ incoming leaders, while the Los Angeles Times said his donations “may have backfired.” The Daily Beast and New Republic cast his deleted posts as signs of embarrassment.

How the right told it

Right-leaning outlets were split between reporting Musk’s financial losses and defending him against political hostility. The Washington Examiner detailed his $33.5 billion wealth decline and possible Democratic investigations. Patriot Post instead accused the left of “escalating venom” toward Musk since he began supporting Republicans.

Elon Musk Loses $33.5 Billion

What happened

How the left told it

How the right told it

Texas Senate Race

Topics in this story