Elon Musk’s net worth fell by about $113 billion in two days, according to the Bloomberg Billionaires Index, as Tesla and SpaceX shares both sold off through the market close on November 5, 2026. The drop split into $33.5 billion on Wednesday and $79.7 billion on Thursday. Bloomberg’s tally is a paper-wealth estimate, not cash leaving anyone’s account, but it shows how tightly one founder’s fortune is tied to two stocks.
Tesla shares fell 3.3% at Wednesday’s close and 11.5% on Thursday. SpaceX fell 3.8% on Wednesday and about 8% on Thursday, to roughly $125 per share. Together the two companies went from a combined market capitalization of about $3.5 trillion on Tuesday night to about $3.04 trillion on Thursday night, a loss near $456 billion. We covered the corporate side of that slide in our report on Tesla and SpaceX losing $456 billion in two days. This piece looks at the personal-wealth side and at what the numbers say about the hardware businesses underneath.
One caution before the details. Several outlets tie the selloff to political risk after the U.S. midterm elections, and a CFRA analyst offered a colorful version of that argument. But the reported figures alone do not establish a cause. We separate what is confirmed from what is interpretation in a dedicated section below.
What Happened to Elon Musk’s Net Worth This Week
The Bloomberg Billionaires Index recalculates each tracked fortune after every U.S. trading day. Musk’s total sits mostly in two public holdings, Tesla and SpaceX, so a bad session in both hits his number twice. On Wednesday, November 4, the index logged a $33.5 billion decline. On Thursday, November 5, it logged a $79.7 billion decline, the larger of the two by a wide margin.
Add the two days and you get roughly $113 billion. Bloomberg put Musk at about $865 billion at Wednesday’s close. Subtract Thursday’s $79.7 billion and the running total lands near $785 billion, which matches the figure Bloomberg showed after the second session. He stayed the richest person on the planet by a wide margin, and the next section shows how wide.
The headline number is easy to misread. A $113 billion drop does not mean Musk sold anything or that a company lost $113 billion in revenue. It means the market price of the shares he holds, adjusted by Bloomberg’s methodology, moved down. If prices recover, the number recovers with them. If they keep sliding, the number keeps shrinking.
The $113 Billion Breakdown, Day by Day
Thursday did most of the damage. The table below lines up each day’s Bloomberg loss against the share moves reported for Tesla and SpaceX.
| Session | Musk net worth change (Bloomberg) | Tesla shares | SpaceX shares |
|---|---|---|---|
| Wednesday, Nov. 4 | -$33.5 billion | -3.3% | -3.8% |
| Thursday, Nov. 5 | -$79.7 billion | -11.5% | About -8% (to roughly $125) |
| Two-day total | About -$113 billion | Roughly -14.4% compounded (our arithmetic) | Roughly -11.5% compounded (our arithmetic) |
The compounded percentages in the last row are our own math, built from the reported daily moves, and they are approximate because the SpaceX Thursday figure is reported as “about” 8%. The ratio is the useful part. Thursday’s loss was about 2.4 times Wednesday’s in dollar terms, and Tesla’s Thursday drop was more than three times its Wednesday drop in percentage terms.
Tesla and SpaceX Share Moves in Detail
Tesla took the bigger percentage hit on the worse day. An 11.5% single-session drop for a company with a market value above $1 trillion is a large move, and it translates into hundreds of billions of dollars of lost value in one afternoon. SpaceX fell less in percentage terms on Thursday, about 8%, but it started from the larger market capitalization, so its dollar loss was just as heavy.
Fortune reported that both stocks underperformed the broader market, with the S&P 500 rising 1.6% in the session it cited. That detail matters. When an index climbs while two giant names fall double digits, the move looks like something specific to those names, not a market-wide flush. CNBC, for its part, described the day as a selloff that came alongside weakness in other technology stocks, so the picture has both stock-specific and sector-wide threads.
Reported share prices differ slightly between outlets because intraday and closing quotes get mixed together in some write-ups. We use the closing percentages in the Bloomberg-based figures above and avoid quoting stray intraday prices.
The $456 Billion Market-Cap Hit
Musk’s loss is a fraction of the corporate loss, because he does not own all of either company. The table shows the company-level picture as reported.
| Measure | Tuesday night | Thursday night |
|---|---|---|
| Combined Tesla and SpaceX market cap | About $3.5 trillion | About $3.04 trillion |
| SpaceX estimated market cap | Not reported separately | $1.68 trillion |
| Tesla estimated market cap | Not reported separately | $1.36 trillion |
| Combined change | Roughly -$456 billion (about -13% by our math) | |
The $1.68 trillion and $1.36 trillion Thursday figures add up to the $3.04 trillion combined total, which is a good internal check. Working backward from the reported daily percentages, the implied Tuesday-night values come to roughly $1.9 trillion for SpaceX and $1.59 trillion for Tesla. Those are our estimates, not published numbers, but they sum to about $3.5 trillion and agree with the reported combined figure.
Musk’s $113 billion loss equals about a quarter of the $456 billion in lost corporate market value. That ratio fits with Musk owning only part of each company. The sources we reviewed do not publish the full breakdown, so we avoid guessing at each component.
Elon Musk Net Worth Versus Jeff Bezos After the Drop
After a $113 billion haircut, Elon Musk’s net worth still towers over the rest of the field. Bloomberg estimated him at about $865 billion at Wednesday’s close and put Jeff Bezos at $375 billion at that time. That left Musk roughly $490 billion richer than Bezos. A later Bloomberg update listed Bezos near $370 billion after a daily decline of about $5 billion.
| Snapshot | Elon Musk | Jeff Bezos | Gap |
|---|---|---|---|
| Wednesday close (Bloomberg) | About $865 billion | About $375 billion | About $490 billion |
| After Thursday’s drop | About $785 billion | About $370 billion (later update) | Roughly $415 billion (our arithmetic, mixing two snapshots) |
The gap narrowed by about $75 billion in a day, yet Musk would need another very large decline before the top spot came into question. For anyone reading the headline as a “Musk loses his crown” story, the numbers say otherwise. He lost a Bezos-sized chunk of wealth in two days and still sat at more than double Bezos’s fortune.
Why SpaceX Drives So Much of Elon Musk’s Net Worth
Musk owns a stake in SpaceX that is close to 50%. With SpaceX valued at $1.68 trillion on Thursday night, a flat 50% would be about $840 billion, which is more than his entire estimated net worth. That mismatch is not a typo in either number. It reflects a caveat Musk himself has attached to the stake.
The vesting caveat
Musk wrote that part of his SpaceX stake “only vests on extremely crazy good outcomes for SpaceX, so actual full vested percentage is lower.” In plain terms, the nearly 50% figure counts shares that he does not yet fully control. An index like Bloomberg’s has to decide how much of that to count, and the public sources we reviewed do not spell out its treatment. The simple arithmetic above is therefore a ceiling, not an estimate of his holdings.
Paper wealth versus cash
Most of a founder’s wealth lives in illiquid, concentrated stock. Selling even a small share of a $1.68 trillion company would move the price, so the Bloomberg total works as a scoreboard and not a bank balance. That is why a $79.7 billion Thursday loss can happen without any transaction on Musk’s part. It also means the reverse is true: a rebound would restore the number without a single sale.
The CFRA Take: “The Nail That Sticks Out”
The quote driving the headlines came from Keith Snyder, a senior equity analyst at CFRA Research. In remarks reported alongside the Bloomberg figures, Snyder said: “The nail that sticks out gets hammered first, and Musk has certainly stuck out, especially in government, whether it be donations, the election, and any of the feathers he ruffled while he was at DOGE.”
Snyder is describing a risk narrative, not reporting a finding. His argument holds that Musk’s high profile in Washington makes his companies a more likely target for scrutiny than other large technology names. That is a reasonable thing for an analyst to flag, and it explains why traders might sell fast on Thursday. It is still an opinion about motive, and no one can audit why each individual seller sold.
Our earlier look at the reported $450 million Musk political bet and the three policy risks it created for Tesla and SpaceX covers the same theme from the policy side. Readers who want the background on why analysts keep returning to politics should start there.
What Is Confirmed and What Is Not
Good reporting keeps the line clear between measurement and explanation. Here is where we draw it.
- Confirmed: Bloomberg’s index shows Musk down about $113 billion over two days, split $33.5 billion and $79.7 billion.
- Confirmed: Tesla fell 3.3% and then 11.5%, and SpaceX fell 3.8% and then about 8%, to roughly $125 per share.
- Confirmed: Combined market value fell from about $3.5 trillion to about $3.04 trillion, a loss near $456 billion.
- Reported as analyst and market commentary: CNBC and other outlets connect the selloff to investor worry about congressional investigations and tighter regulation after the midterms, plus a broader tech selloff.
- Not established: That Musk’s donations, his time at DOGE, or the election results caused the specific losses. No reported figure proves that link.
Markets can fall for several reasons at once, and daily price data cannot separate them. A rotation out of expensive technology names, a reassessment of valuation, and political worry could all contribute. Treat the political explanation as a plausible reading, not a finding.
The Hardware Behind the Valuations
Tesla and SpaceX are not software stocks. Their value depends on factories, batteries, satellites and rockets, which means execution on physical products drives the long-term story more than any single day’s mood. That is why this belongs in a hardware cluster and not only in a markets column.
On the vehicle side, Tesla’s product mix is shifting. We reported that Tesla plans to wind down Cybertruck in 2027 for Cybercab, a change that puts more weight on the autonomous vehicle bet than on a pickup. Investors who paid for Tesla as a growth stock now have to judge that handoff while the share price is down double digits in a session.
Batteries sit under both the car and energy storage businesses. Tesla’s $4.3 billion battery deal with LG for a 2027 start shows how much supply-chain commitment sits behind the stock. Commitments of that size do not shrink because the share price fell, which is one reason sharp drops draw so much attention to cash flow and capital spending.
SpaceX’s hardware story extends from launch vehicles to the network. Our look at a Starlink base station built on Qualcomm silicon with 64 paths describes the kind of product that could turn satellite capacity into a mobile service. A $1.68 trillion valuation assumes a lot of that kind of work lands on time, so any hint of tighter oversight or slower approvals can shift the price quickly.
Market Impact Beyond Musk
A $456 billion decline in two stocks is large enough to register in index math and in sentiment. Fortune’s note that the S&P 500 rose 1.6% in its cited session shows the rest of the market did not fall in step, but the size of the two names means index funds and thematic funds feel the pain. Any fund with a heavy weighting in either stock saw a visible hit.
The wider backdrop was jumpy. Our report on the dollar firming as an AI selloff hit Asian markets, with the yen at 157.54 captures the risk-off tone that surrounded the week. That does not prove the Musk selloff and the Asian moves share a cause. It does show that traders were already de-risking in technology when Tesla and SpaceX dropped.
For suppliers and partners, the signal is about volatility in the customer’s financing power. Companies that build chips, batteries, sensors and ground equipment for these two firms care less about Musk’s net worth than about whether a lower share price changes capital plans. Nothing in the reported figures says it will, but analysts will ask.
Tesla Versus SpaceX: Which Took the Bigger Hit
In percentage terms, Tesla fell harder over the two sessions. Using the reported daily moves, Tesla lost roughly 14.4% compounded and SpaceX roughly 11.5%. In dollar terms the picture tilts the other way, because SpaceX carried a larger starting market capitalization. Our implied Tuesday-night estimates put SpaceX at roughly $1.9 trillion against Tesla’s roughly $1.59 trillion, so SpaceX shed about $220 billion and Tesla about $230 billion by the same arithmetic. The two losses land in a similar range of about $220 billion to $230 billion each, and the small gap to the reported $456 billion total comes from rounding in the daily percentages.
That similarity is what makes the Musk link so strong. Two companies in different industries, one selling cars and storage and the other selling launches and satellite service, fell in the same direction on the same days. Analysts who read that as a founder-risk discount have a point. Others will argue that two richly valued growth stocks fell together because growth stocks were out of favor. The data supports both stories.
Historical Context: Swings Like This Are Not New
Billionaire rankings have always moved with stock prices, and founder-heavy fortunes swing the most. What stands out this time is the scale. Bloomberg’s Larry Ellison profile offers a yardstick. Depending on the snapshot, it put Ellison between roughly $158 billion and $168 billion, so Musk’s one-day Thursday loss equals about half of that entire fortune.
The sources we reviewed do not provide a ranked list of past two-day losses, so we will not claim a record. What we can say is that this move follows a week of heavy coverage on political exposure and valuation. Our earlier coverage on this site traces that thread, from the policy-risk reporting linked above to the two-day $456 billion corporate loss.
Five Predictions for the Weeks Ahead
These are our expectations, not reported facts. Treat them as informed judgment that could prove wrong.
- Musk keeps the top Bloomberg spot through the end of 2026. A gap of roughly $415 billion to Bezos is too wide for one rough week to close.
- Volatility stays elevated. After an 11.5% Tesla session, we expect large daily swings in both stocks until the political and regulatory questions get clearer answers.
- Hardware milestones become the main catalyst. Cybercab progress, battery supply news and Starlink mobile updates will likely move the shares more than commentary about politics.
- Analysts split into two camps. One camp will argue for a lasting founder-risk discount, and the other will call the drop a valuation reset. Expect rating and price-target changes on both sides.
- The headline number will whipsaw. Because Bloomberg’s figure tracks market price, a strong rebound day could add tens of billions back as fast as a weak one removed them.
What to Watch Next
Three items matter most. First, whether the next trading sessions extend the slide or stabilize near Thursday’s levels, with SpaceX around $125. Second, any concrete move in Congress or from regulators, since that would turn a vague worry into a measurable risk. Third, company-level hardware news, especially production and supply updates that speak to the fundamentals.
Readers tracking the wider supply-chain angle can follow our hardware coverage, where we keep tabs on chips, batteries and devices tied to these companies. We will update this story if Bloomberg’s figures change materially or new reporting clarifies the cause.
Frequently Asked Questions
How much did Elon Musk’s net worth fall?
The Bloomberg Billionaires Index showed a decline of about $113 billion over two days, through the November 5, 2026 close. The index logged $33.5 billion on Wednesday and $79.7 billion on Thursday.
How much is Elon Musk worth now?
Bloomberg estimated him at about $865 billion at Wednesday’s close. After Thursday’s $79.7 billion loss, the figure comes to roughly $785 billion. The number changes with every trading session.
Is Musk still the richest person in the world?
Yes, according to the Bloomberg research we reviewed. He was about $490 billion ahead of Jeff Bezos, who was estimated at $375 billion, at Wednesday’s close.
Why did Tesla and SpaceX shares fall?
Outlets including CNBC connect the drop to investor concern about congressional investigations and tighter regulation after the midterms, along with a wider technology selloff. CFRA’s Keith Snyder pointed to Musk’s high profile in government. None of this is proven as the specific cause, and the reported figures do not isolate one.
How much market value did Tesla and SpaceX lose?
Their combined market capitalization went from about $3.5 trillion on Tuesday night to about $3.04 trillion on Thursday night, a loss of roughly $456 billion. SpaceX ended near $1.68 trillion and Tesla near $1.36 trillion.
Did Musk actually lose $113 billion in cash?
No. The figure is a paper-wealth estimate based on share prices. Nothing in the reports says he sold shares, and a price recovery would restore the value.
How much of SpaceX does Musk own?
He owns a stake close to 50%, though he wrote that some of it only vests on extremely good outcomes for SpaceX, so the fully vested share is lower.
