Tesla and SpaceX lose $420 billion in market value after US midterms

Tesla and SpaceX lost over $420 billion in combined market value after U.S. midterm elections, with shares falling about 9% and 11% respectively on Thursday amid investor concerns over potential congressional probes and stricter regulation for Elon Musk's companies. The declines, part of a broader tech selloff, pushed Musk's wealth below $800 billion from over $1 trillion, though he remains the world's richest person. Musk was the largest GOP donor with over $470 million in contributions, but most backed candidates lost as Democrats won both chambers. Democrats now control Texas, where both firms are headquartered, and officials have criticized data center tax breaks. Deutsche Bank analysts warned of possible delays for SpaceX's Texas compute projects, while Musk has been ordered to preserve records on Starlink restrictions in Ukraine.