Following the success of the Democrats in the U.S. midterm elections, the world’s richest person, Elon Musk, has seen a significant decline in his net worth, driven by a sharp downturn in the stock market. In just two days, his wealth has shrunk by approximately $113 billion.
Musk had contributed $446 million to the Republican election campaign. However, the Democrats’ success in the elections triggered a negative market reaction, leading to a substantial drop in the share prices of his two largest companies, Tesla and SpaceX.
On Wednesday, Tesla’s share price fell by 3.34%, followed by a further decline of 10.7% on Thursday. Musk owns a 17.7% stake in the automaker.
Meanwhile, shares of the space exploration and technology company SpaceX dropped by 3.8% on Wednesday and by another 9% on Thursday. Musk holds a 10.3% ownership stake in the company.
According to the Bloomberg Billionaires Index, Musk’s net worth decreased by $33.5 billion on Wednesday, followed by a loss of another $79.7 billion on Thursday—a total decline of $113.2 billion over the two-day period.
Despite this massive loss, Musk retains his position as the world’s wealthiest person. His current net worth stands at $785 billion, while Jeff Bezos, who ranks second on the list, has a net worth of $370 billion. In other words, Musk’s wealth remains more than double that of Bezos.
