Tesla, SpaceX Fall as Democrats Win House and Eye Musk Probes
Investors worry Democrats may tighten scrutiny of Musk’s companies and slow data center plans, with Tesla and SpaceX falling more than 4% premarket.
- Democratic lawmakers won the House on Election Night, triggering a sharp sell-off in tech stocks as investors reacted to the shifting political landscape.
- Politico reported last month that Democratic lawmakers plan to aim "many targets" at Musk, with tensions stemming from his more than $445 million in donations to GOP candidates.
- Tesla shares fell 4.4% to $381, while SpaceX dropped 5.2% to $134 per share on Election Night, as the tech-heavy Nasdaq declined 2%.
- Investors worry Musk's ties to President Donald Trump and the Republican Party will cause operational difficulties for his companies, with lawmakers planning to focus on his brief leadership of the Department of Government Efficiency .
- Musk previously criticized Democratic candidates, including Texas Senate candidate James Talarico, while facing scrutiny over government contracts and his influence on issues like the war in Ukraine.
112 Articles
112 Articles
Market's Rally Didn't Include Musk Stocks, Trump Media
US stock soared after President Trump's party lost its sole control of Washington in the midterm elections. Stocks generally do well in the month following any midterm US election, lookless of who wins. Wall Street generally prefers split control of Washington because it seems the risk of transformative changes to...
The defeat of US President Trump and his Republicans is boosting on Wall Street. The solar industry in particular is booming. The euphoria remains unaffected by armaments stocks, the operators of data centers and the companies of Elon Musk.
Wall Street’s Winners and Losers From the Blue Tsunami
The market has rendered its provisional judgment on the midterm elections, seeing threats to the AI datacenter complex and Elon Musk. Here are the winners and losers of the big blue wave.LosersElon Musk’s companiesTesla shares fell over 3% on Wednesday while SpaceX shares fell 3.8%.Before the election, several Congressional Democrats who will now be serving in the majority made it clear that their oversight powers across a number of domains woul…
Wall Street went up on Wednesday to digest the mid-term elections, which resulted in a staggering victory for the Democratic Party, despite the sharp falls in the shares of Tesla and SpaceX, which are paying the price in the stock market for the close relationship between the founder, Elon Musk, and President Donald Trump.
Business - Musk-backed candidates lose midterms despite financial backing
Shares of Tesla and SpaceX dropped after the Democratic party swept to power in America's midterm elections. Their founder, tech titan Elon Musk, poured over $440 million into Republican candidates and causes, the single biggest campaign donor in the election cycle. But his investment fell flat, as his preferred candidates lost races in Texas, where he has put down roots.
The political upheaval in Texas brings new risks to the business empire of the richest man in the world - The $450 million he gave to Republicans and the scenarios for transferring his companies
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