Photo: Steve Jurvetson / CC BY 2.0 (Tesla factory, archive)
Shares of Tesla and SpaceX slid in overnight trading Tuesday as Democrats surged in the midterm elections, dealing an early blow to Elon Musk’s business empire.
Tesla was down 4.4% to $381 a share around 9:45 p.m. ET, while SpaceX was down 5.2% to $134, Mediaite reported. By 10:41 p.m. ET, Tesla was down about 5% and SpaceX about 6%, according to TipRanks. Those figures are snapshots from earlier in the evening in overnight trading, not current prices.
Investors appear worried that Musk’s ties to President Donald Trump and the Republican Party could bring pain for his companies. Politico reported last month that Democratic lawmakers were lining up investigations of Musk if they won the House, with a focus on his brief stint leading the Department of Government Efficiency.
Musk poured more than $445 million into helping Republican candidates in the midterms, according to Mediaite. The tech-heavy Nasdaq was down about 2% Tuesday night.
JBizNews Desk | Wall Street
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