08066

Tesla Inc. (NASDAQ:TSLA) shares are trending on Friday.

Shares of the Texas-based automotive and clean energy company edged 0.58% higher to $345.70 in after-hours trading on Thursday.

In the regular session, the stock closed at $343.69, down 10.77%, or $41.50, according to Benzinga Pro data.

On Thursday, Tesla shares experienced an elevated trading session. Volume surged to 79.68 million, 2.15 times its average trading volume of 37.12 million.

The stock move followed investor worries that Democratic wins in the U.S. midterm elections could slow data center build-outs.

Texas Democratic Wins Shake Investors

Democrats won the Texas races for Senate, governor and attorney general on Tuesday. Tesla and Space Exploration Technologies Corp. (NASDAQ:SPCX) are both headquartered in the state.

Elon Musk had spent heavily to back Republicans. He reportedly planned to spend up to $200 million in the Texas Senate race. The money was for voter turnout through America PAC.

The selloff also reflects concerns about tougher scrutiny of Musk’s businesses. SpaceX shares slid 9.05% on Thursday.

Musk’s companies were on track to lose more than $380 billion in market capitalization this week, according to Reuters.

Data Center Moratoria

The report also stated that Goldman Sachs (NYSE:GS) analysts estimated Democratic wins at the state and local level could lead to short-term data center moratoria. That could affect about 45% of planned U.S. capacity expansion.

Governor-elect Gina Hinojosa, who defeated Republican Gov. Greg Abbott, has vowed a data center moratorium. Musk responded on X after the results, writing, "Data centers in space looking pretty appealing right now."

Forbes data shows Musk’s net worth at $789.5 billion, down $92.9 billion over the past week.

Trading Metrics, Technical Analysis

Tesla has a market capitalization of $1.36 trillion, a 52-week high of $498.82 and a 52-week low of $297.38.

The Relative Strength Index (RSI) of TSLA stands at 35.81.

The large-cap automotive stock has fallen roughly 25.62% over the past 12 months.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock