Elon Musk's Tesla and SpaceX Lose over $420 Billion in Combined Market Cap After Midterms
Investors sold the stocks as Democrats won Congress, raising the risk of subpoenas and tighter oversight that could slow AI and data-center plans.
- On Thursday, Tesla and SpaceX shares declined about 9% and 11% respectively as investors feared new Congressional probes and stricter regulation following U.S. mid-term elections, erasing over $420 billion in aggregate market value since Tuesday's close.
- Democrats won control of both chambers of Congress, positioning Elon Musk—a top ally of President Donald Trump—as a likely target for scrutiny. Texas Republican Sen. Ted Cruz noted Democrats signaled they would use subpoenas "to go after Elon Musk."
- Deutsche Bank analysts warned on Wednesday that SpaceX faces "incremental headwinds" in Texas, where Gov. elect Gina Hinojosa made data centers a campaign issue and called for "a moratorium on new approvals until the legislature passes stronger protections on water use."
- Tesla shares fell 14% to about $342, while SpaceX stock dropped 12% to about $125, representing combined losses of roughly $450 billion across two trading sessions.
- CFO Vaibhav Taneja expects robotaxis to make a "real dent" in Tesla's profits by 2027, though analysts recommend buying in small pieces over several weeks given these remain among the most volatile tech stocks available.
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Musk’s fortune, which had surpassed the trillion dollars after SpaceX’s stock market release in June, is now below $800 billion
SpaceX and Tesla, owned by Elon Musk, collectively lost more than $420 billion in market value after the Democrats won the midterm elections in the United States
SpaceX and Tesla, owned by Elon Musk, collectively lost more than $420 billion in market value after the Democrats won the midterm elections in the United States.
(Seoul = Yonhap News) Reporter Jung Joo-ho = Stock prices of SpaceX and Tesla, led by Elon Musk, plummeted for the second consecutive day on the 5th (local time), reducing their market capitalization by approximately 500 trillion won...
SpaceX and Tesla Stock Plunges Have Wiped About $450 Billion in Value Since the Midterms. Is It Time to Buy?
Elon Musk's two public companies have lost about $450 billion in market value in just two trading days. Here's what's behind the selloff, and whether either stock is worth buying now.
Democrats' victory in mid-term elections in the U.S. turned out to be a serious problem for Ilon Mask's business. The stocks owned by the entrepreneur of Tesla and SpaceX companies were worth about 15% in two days. Investors fear that the new majority in Congress will take on greater control of the U.S. billionaire's empire, reports Business Insider.
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