Tesla plunges 10.77% to close at $343.69 after midterms; Tesla and SpaceX shed $420B+
Tesla closed Nov. 5 down 10.77% at $343.69 — investors are pricing in regulatory and investigation risk for Musk and Texas data center uncertainty after the midterms.
Tesla closed at $343.69 on Nov. 5, down $41.50 (−10.77%) from the prior close of $385.19. CNBC reported Tesla and SpaceX had together lost more than $420 billion in market cap since Tuesday's close (about $456 billion by Thursday's close); SpaceX was down roughly 9% at the time.
CNBC cited worries that, with Democrats winning both the House and Senate, Musk and his companies could face new congressional probes and tighter regulation. Musk was the largest GOP donor (FT: more than $470 million) and most candidates he backed lost. Texas governor-elect Hinojosa made data centers a major campaign issue and backed a moratorium on new approvals; Deutsche Bank said SpaceX's Texas compute buildout could face delays and higher capex.
Reuters said the results also cloud the data center and merger outlook. CNBC noted regulatory scrutiny could block a SpaceX-Tesla merger, which would also need shareholder approval, and a broader tech sell-off contributed.
Summaries are prepared by the Tesla Briefing editorial team and may not capture every nuance of the original reporting. You are solely responsible for your own investment decisions.