Shares of Elon Musk-led Tesla and SpaceX came under pressure on Wednesday after Democrats swept the US midterm elections. The sell-off reflects investor concerns over the political and regulatory challenges Musk’s businesses could face following the Democrats’ victory.
\n\nTesla’s stock fell over 5 percent when markets opened, and SpaceX was also down about 5 percent, dropping below $135. The declines stood out among tech stocks, as Meta, Google and the wider stock market rallied at the start of trading.
\n\nElon Musk spent nearly $500 million supporting Republican candidates in the midterm elections. After Democrats claimed sweeping victories, claiming both houses of Congress and other important state races, shares of SpaceX and Tesla, which are both run by Mr. Musk, fell sharply on Wednesday morning, as reported by New York Times.
\n\n“They are going to need to plant new forests for all of the subpoenas we’ll be printing,” Senator Edward J. Markey, a Democrat in Massachusetts, posted on X.
\n\nAs per the report, Musk spent at least $474 million on the midterm election, the most money of any donor in a U.S. election cycle, apart from candidates who have funded their own runs for office.
\n\nAbout $224 million was spent on…
Original source: https://www.timesnownews.com/business-economy
