Musk's fortune slips below $800 billion as Tesla and SpaceX lose $420 billion after the midterms

Elon Musk is still the richest man in the world, but the week has been expensive. SpaceX fell about 9% and Tesla about 11% on Thursday afternoon, taking their combined market-cap loss since Tuesday's close past $420 billion and to roughly $456 billion by the closing bell, CNBC reports. Musk's net worth, which Forbes put above $1 trillion after SpaceX's June IPO, is now estimated below $800 billion, down about $90 billion in a week. Investors fear new congressional probes and tighter rules after Democrats took the House and Senate, and in Texas, where both companies are based, Gina Hinojosa won the governorship on a promise to pause new data-center approvals. That touches Terafab, the data center and chip plant planned for Grimes County, and the supercomputer SpaceX is building at Starbase. Musk was the biggest midterm donor, and most of his candidates lost.