Elon Musk’s Fortune Drops $80 Billion Amid Tech Stock Rout
Investors sold AI and megacap tech shares as fears grew that post-election scrutiny and spending doubts could curb data center expansion.
- On Thursday, November 5, 2026, a tech rout wiped more than £2 trillion from the Nasdaq, while Tesla and SpaceX shed nearly $500 billion in combined market value as investors dumped tech stocks.
- Ted Parkhill, founder and chief executive of Incline Investment Management, said the market is "moving from the promise of AI to the price of AI," as concerns grow over returns on infrastructure spending.
- Wall Street's 'fear gauge' surged almost 70 per cent as the selloff deepened, with Nvidia shares dropping 8 per cent and Micron Technology plunging 14 per cent during the session.
- Sweeping Democrat victories in the U.S. elections have spurred concerns that new leadership may launch probes into Big Tech firms, adding political uncertainty to the volatile market environment.
- Elon Musk is nursing billions in losses as Tesla's share price dropped below where it sat earlier this year and SpaceX shares fell below their IPO price.
19 Articles
19 Articles
Nvidia and SpaceX lose billions of dollars in market value as tech, AI stocks tumble Major tech firms including Nvidia, SpaceX and Tesla have lost hundreds of billions of dollars in market value, a day after Democrats won the midterm elections. Shares in firms across the tech and AI sectors fell sharply, driven in part by concerns about tougher regulation after Democratic victories in key data center states including Texas, Ohio and Georgia. The…
Reformatorisch Dagblad
Elon Musk is a major loser amid heavy losses among tech companies on New York stock exchanges. Stocks related to artificial intelligence (AI) plummeted on Wall Street on Thursday as investors fear fewer data centers can be built in the United States following the Democratic election victory.
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