Elon Musk Loses $33 Billion as Tesla and SpaceX Shares Fall

businessinsider.com —

Elon Musk’s net worth fell by $33 billion on Wednesday as Tesla and SpaceX shares dropped over 3% following the US midterm elections, leaving him with $865 billion, still $490 billion ahead of Amazon founder Jeff Bezos. The sell-off followed a costly political defeat, as Musk spent at least $446 million supporting Republican candidates, including $224 million in Texas, where Democrats James Talarico and Gina Hinojosa won Senate and governor races, respectively. The results could impact his businesses, both headquartered in Texas. Democratic control may bring closer scrutiny of tech firms, and Hinojosa has pledged a moratorium on new data centers. Musk joked on X about his "election-interfering space lasers" failing, while shares in both companies fell further in premarket trading Thursday.


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