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● LIVE Updated 2h ago · 24 sources tracked

Shares in Musk's SpaceX plunge as tech and AI stocks fall

Shares in Elon Musk's SpaceX and Tesla fell sharply on Thursday as technology and AI stocks sold off following Democratic victories in the 2026 U.S. midterm elections. The Nasdaq Composite dropped more than 5% in early trading. Investors fear the new political balance will bring tougher scrutiny of data-centre construction and AI infrastructure spending, sectors critical to both companies. SpaceX shares slipped about 12.5% over 48 hours, cutting roughly $240 billion from its valuation, while Tesla fell more than 14% in two days, wiping out nearly $220 billion. Combined market-cap losses for the two firms approach $500 billion.

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  • ✓ SpaceX shares fell about 12.5% over 48 hours, reducing its valuation by roughly $240 billion.
  • ✓ Tesla shares dropped more than 14% in two days, erasing nearly $220 billion in market value.
  • ✓ The Nasdaq Composite fell more than 5% at one point in early trading on Thursday.
  • ✓ Musk spent at least $225 million on the Texas midterm races.
🛡️ Source Corroboration: 24 independent reporting domains (85% confidence) ⏱ Read time: ~2 min

What changed

SpaceX and Tesla shares plunged 12.5% and 14% respectively over two sessions after Democratic midterm wins triggered a sector-wide tech and AI sell-off.

Live updates

  1. SpaceX and Tesla shares plunge after Democratic midterm sweep

    Shares in Elon Musk's SpaceX and Tesla fell sharply on Thursday as technology and AI stocks sold off following Democratic victories in the 2026 U.S. midterm elections. The Nasdaq Composite dropped more than 5% in early trading. Investors fear the new political balance will bring tougher scrutiny of data-centre construction and AI infrastructure spending, sectors critical to both companies. SpaceX shares slipped about 12.5% over 48 hours, cutting roughly $240 billion from its valuation, while Tesla fell more than 14% in two days, wiping out nearly $220 billion. Combined market-cap losses for the two firms approach $500 billion.

    Why it matters

    The sell-off reflects a broader market reassessment of regulatory risk after Democrats flipped Texas and gained congressional leverage. Musk had invested heavily in Republican candidates, spending at least $225 million in Texas alone, and subsequently deleted pro-Republican social media posts. The downturn coincides with a wider tech correction driven by concerns over AI capital expenditure sustainability.

    What is confirmed

    • SpaceX shares fell about 12.5% over 48 hours, reducing its valuation by roughly $240 billion.
    • Tesla shares dropped more than 14% in two days, erasing nearly $220 billion in market value.
    • The Nasdaq Composite fell more than 5% at one point in early trading on Thursday.
    • Musk spent at least $225 million on the Texas midterm races.
    • Investors are pricing in tougher scrutiny of data-centre construction and AI infrastructure spending under a Democratic-controlled Congress.

    Still unconfirmed

    • Combined market-cap losses for SpaceX and Tesla approach $500 billion.
    • Musk deleted pro-Republican posts after the election results.

    What to watch next

    • Congressional committee hearings on AI regulation and data-centre permitting
    • Texas state-level policy shifts affecting SpaceX Boca Chica operations
    • Tesla Q4 delivery numbers and 2027 guidance amid potential EV tax-credit changes
    Sources used for this update (24)
    1. www.aljazeera.com — Breaking News, World News and Video from Al Jazeera
    2. www.investing.com — Investing.com - Stock Market Quotes & Financial News
    3. www.straitstimes.com — Oil edges lower following three days of gains
    4. en.sedaily.com — NAVER Map Navigation Comes to AI Glasses From Meta, Google, Samsung - Seoul Economic Daily
    5. www.tradingkey.com — Today’s Market Recap: OpenAI Revenue Concerns; Nasdaq Falls 1.25%, AAOI Drops 13.58%, Brent Gains 4.07%
    6. www.cnbc.com — Oil today: Iran, US, crude, wti, brent, trump
    7. cashwalklabs.io — GM will switch to Nasdaq from the NYSE on Nov. 17
    8. BBC — Shares in Musk's SpaceX plunge as tech and AI stocks fall
    9. The New York Times — Opinion | Elon Musk’s Very Bad Night
    10. CNN — Musk bet big on keeping Texas red. What happens to his business empire now?
    11. Bloomberg.com — Tesla Shares Tumble Again in Deepening Post-Election Slump
    12. Fortune — Elon Musk spent at least $225M in Texas. The governor-elect who sued for Abbott emails won anyway
    confidence 85%
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