Elon Musk’s Tesla and SpaceX Lose Over $420 Billion in Combined Market Cap After Midterms
According to CNBC, Tesla and SpaceX lost more than $420 billion in combined market value since Tuesday’s close after their shares fell about 9% and 11%, respectively, on Thursday afternoon. Investors were concerned that Elon Musk could face new congressional probes and that the companies could encounter stricter regulation after the U.S. midterm elections. Democrats won control of both the House and Senate. Deutsche Bank analysts said SpaceX could face additional headwinds in Texas, where the company and Tesla are building AI infrastructure, and that tighter data-center rules could delay projects or increase capital expenditures.