Billionaire Musk’s Tesla, SpaceX tumble in post-US midterm AI meltdown

The Straits Times · The Straits Times · 2026-11-06 01:02 UTC

Elon Musk’s Tesla and SpaceX shares tumble after US midterm election results fuel investor worries over AI and data centre growth. Read more at straitstimes.com.

- Tesla and SpaceX shares fell sharply after Democrats did better in the US midterm elections, as investors feared Musk’s business plans could face more resistance.

- Tesla dropped 11% and SpaceX fell 9% on Nov 5, wiping about US$460 billion from their combined market value and adding to a wider tech sell-off.

- The Texas results raised pressure on Musk, with critics attacking his political spending and a possible Tesla-SpaceX merger facing more uncertainty under a less friendly Congress.

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