Elon Musk’s fortune has fallen by approximately $113 billion in just two days following the Democrats’ victory in the US midterm elections, as shares in Tesla and SpaceX suffered heavy losses.
According to Bloomberg’s Billionaires Index, Musk lost $33.5 billion on Wednesday and another $79.7 billion on Thursday as investors reacted to the election results.
Tesla shares dropped 3.34 percent on Wednesday before plunging another 10.7 percent on Thursday. Musk owns approximately 17.7 percent of the electric vehicle manufacturer.
Meanwhile, SpaceX shares declined 3.8 percent on Wednesday and a further nine percent on Thursday, dealing another blow to Musk’s wealth. He holds a 10.3 percent stake in the aerospace company.
The losses come after Musk spent approximately $446 million supporting Republican candidates and political campaigns during the midterm elections.
However, Democrats secured control of Congress, raising concerns among investors about increased government scrutiny and potential regulatory changes affecting Musk’s businesses.
Despite the sharp decline, Musk remains the world’s richest person, with an estimated net worth of $785 billion.
His fortune is still more than double that of Amazon founder Jeff Bezos, who ranks second with approximately $370 billion.
