Elon Musk lost nearly $500 million on a failed attempt to buy favorable outcomes in the 2026 midterm election. Now, Tesla and SpaceX have shed nearly $500 billion in combined market value as the companies find themselves among the hardest hit in a post-election selloff of tech stocks.

Tesla, which was in the red yesterday before the broader market downturn, has now fallen more than 14% over the last two days, wiping out nearly $220 billion off the company’s value. SpaceX has had it nearly as bad, slipping about 12.5% in the last 48 hours and resulting in about $240 billion getting lopped off the company’s valuation. The decline has also pushed the company’s share price below where it sat when it went public earlier this year.

If Musk would like to put a positive spin on the beating his companies are taking, he can claim to be ahead of the curve. While his companies went red on Wednesday, the rest of the market was surprisingly upbeat. According to CNN, the Dow had its best post-midterm election day in 44 years—presumably in part due to the market, which had been battered by Trump’s tariffs and the war in Iran, sensing some relief in its future.

That did not last, though. On Wednesday, the vibe had shifted—at least in the tech sector. According to CNBC , the Nasdaq entered correction territory as it dropped nearly 4%, and the S&P 500 and Dow Jones Industrial Average were down a couple of points.

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