Tesla, SpaceX shed $456B in value after US midterm polls

Tesla and SpaceX lost approximately $456 billion in combined market value over two trading sessions following the US midterm elections, with the electric vehicle maker and aerospace giant suffering sharp declines as investors assessed the implications of Democratic victories for Elon Musk's business empire.

The sell-off occurred between Tuesday's market close and the end of trading Thursday, according to exchange data, coinciding with broader pressure across technology stocks.

Texas election impact

Democrat Gina Hinojosa unseated incumbent Republican Governor Greg Abbott in Texas — where both companies maintain their headquarters — while James Talarico defeated Republican Attorney General Ken Paxton in the state's US Senate race, results that market participants said could signal tighter oversight of Musk's companies and potential restrictions on data-center construction.

Trading specifics

Tesla shares plummeted 10.77% to $343.69 on Thursday, bringing the company's market capitalization to around $1.36 trillion, while SpaceX stock — which began public trading June 12 under the ticker SPCX — fell 9.05% to $123.62 for a valuation of roughly $1.68 trillion. The $456 billion decline represents a reduction in the combined market value of outstanding shares rather than a direct cash loss.