Tesla, SpaceX Slide Over 5% After Musk's $474 Million Election Bet Backfires
Updated
Updated · The New York Times · Nov 4
Tesla, SpaceX Slide Over 5% After Musk's $474 Million Election Bet Backfires
3 articles · Updated · The New York Times · Nov 4
Summary
Tesla fell more than 5% and SpaceX dropped over 7% at the open after Democrats swept the midterms and took control of both houses of Congress.
Musk had spent at least $474 million backing Republican candidates, including about $224 million in Texas and support for Ken Paxton's losing Senate bid.
The selloff stood out because Meta, Google and the broader market rose, signaling investor concern that a Democratic Congress could target Musk and his companies.
That risk could complicate a possible Tesla-SpaceX merger and Starlink's telecom expansion, even as Qualcomm said it would supply equipment for a nationwide cellular network.