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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 as Tesla and SpaceX shed nearly $500 billion in combined market value amid a post-election selloff of 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 investors question whether massive infrastructure spending will generate sufficient returns.
- Wall Street's fear gauge surged almost 70 per cent as the selloff deepened, while Nvidia shares dropped 8 per cent and Micron Technology plunged 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 an already volatile market environment.
- SpaceX shares fell below their IPO price and Tesla's share price dropped below where it sat earlier this year, leaving billionaire Elon Musk nursing losses as the tech slump continues.
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18 Articles
Reformatorisch Dagblad+2 Reposted by 2 other sources
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.
·Apeldoorn, Netherlands (Kingdom of the)
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After a day of ‘party on Wall Street with the broad victory of the Democratic Party in the mid-term elections, the indexes entered correction territory and bittered the session with losses with fears about the technology sector. Nasdaq, for example, fell 5.52%, zeroing the gains of the eve and accumulating [...]
Coverage Details
Total News Sources18
Leaning Left1Leaning Right5Center1Last UpdatedBias Distribution72% Right
Bias Distribution
- 72% of the sources lean Right
72% Right
14%
14%
R 72%
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