The selloff in Elon Musk's companies did not stop after election day. Tesla fell as much as 10% and SpaceX as much as 9.2% in Thursday trading, Quartz reports, after Tesla had already lost 3.3% on Wednesday. More than $430 billion in combined market value has been wiped out since the results came in, and Tesla is now down about 22% for the year.
Yahoo Finance says investors are reassessing two things: the chances of a Tesla–SpaceX merger under a less friendly regulatory climate, and the pace of the AI data center build-out. In Texas, Democrat Hinojosa beat Governor Abbott after pledging to halt new data centers, and Talarico beat Paxton. Wedbush analyst Dan Ives warned of a tougher regulatory road for any merger.
The Los Angeles Times notes Musk spent at least $474 million on the midterms, $224 million of it in Texas. This is a follow-up to our November 4 report on the first day of losses.
