Tesla and SpaceX shares drop after Elon Musk's election bet backfires

Business Insider · Tom Carter · 2026-11-04 14:41 UTC

Shares in Tesla and SpaceX fell around 5% at market open on Wednesday after the Democrats won a string of midterm victories in Texas

It's looking like the election might become even more expensive for Elon Musk.

Shares in Tesla and SpaceX fell around 5% at market open on Wednesday after the Democrats won a string of midterm victories in Texas, where both companies are based.

Both Tesla and SpaceX pared back heavier overnight losses, with Musk's two public companies down as much as 6% and 7% premarket.

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