Elon Musk's Tesla and SpaceX lose over $420 billion in combined market cap after midterms
CNBC · Lora Kolodny ·
Elon Musk's Tesla and SpaceX lose $420 billion in combined market cap after midterms
SpaceX and Tesla shares declined by about 9% and 11%, respectively, on Thursday afternoon with investors concerned that Elon Musk could face new congressional probes — and his companies stricter regulation — following the U.S. midterm elections.
The declines, which correlated with a broader tech sell-off, brought aggregate market cap losses for SpaceX and Tesla to over $420 billion since Tuesday's close.
Musk's wealth, which had topped $1 trillion after SpaceX's initial public offering in June, is now down below $800 billion, having dropped about $90 billion in the past week, according to Forbes. He is still the richest man in the world.