Elon Musk loses billions as AI and data centre stocks fall after US midterms
Elon Musk lost tens of billions in wealth as Tesla and SpaceX shares fell 9% in early trading, triggered by a broad sell-off of AI and data centre stocks after Democrats swept the US midterm elections. The Nasdaq index dropped 4.4%, with CoreWeave, Qualcomm and Intel among the hardest hit. Investors fear Democratic control of Congress will bring tougher scrutiny of the data-centre industry, potentially slowing development amid mounting public opposition. UBS analysis suggests about 30% of expected US data centre capacity additions in 2028 could be at risk from construction pauses. The political uncertainty adds to broader concerns over whether massive AI infrastructure spending will generate sufficient returns.