{
  "id": 18411673,
  "title": "Billionaire Musk’s Tesla, SpaceX tumble in post-US midterm AI meltdown",
  "url": "https://urgent.news/2026/11/06/billionaire-musks-tesla-spacex-tumble-in-post-us-midterm-ai-meltdown",
  "topic": "ai",
  "section": "AI",
  "published": "2026-11-06T01:02:44.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/billionaire-musks-tesla-spacex-tumble-in-post-us-midterm-ai-meltdown"
  },
  "original_language": "en",
  "account": "Shares of Tesla and SpaceX, both led by billionaire Elon Musk, experienced significant declines following the U.S. midterm elections in November. Investors were concerned that Democrats' gains in key positions, particularly in Musk's home state of Texas, where both companies are headquartered, could hinder Musk's plans to expand his business empire. Tesla's shares dropped 11% on November 5, following a 3.3% decrease the previous day, bringing the annual decline to approximately 24%. SpaceX, Musk's rocket, satellite, and AI company, also saw a 9% drop on November 5, after a 3.8% decline the day prior. The combined market value of Tesla and SpaceX is estimated to have lost around US$460 billion (S$588 billion) after the election results became clear. Analysts attribute the market reaction to concerns about potential slowing data center buildouts and a rush to exit the tech sector until the market finds a bottom. Texas' election results were especially significant, as Democrats seized control of key positions, including Governor Greg Abbott, who had held the state's highest office since 2015. Gina Hinojosa, a Democrat, defeated Abbott in a landslide, and her campaign focused on issues like a moratorium on data centers and scrutiny of Musk's political contributions to Republican candidates. James Talarico, a Democrat who won a U.S. Senate seat in Texas, accused Musk of trying to buy the seat, spending nearly half a billion dollars on behalf of GOP candidates. The declines in Tesla and SpaceX come amid a broader market downturn affecting AI companies, chipmakers, and technology stocks. The tech-heavy Nasdaq 100 fell 6.4% for its worst single-day performance since March 2020. Traders in the options market turned increasingly bearish on Tesla since April 2025's tariff chaos, with SpaceX's put skew reaching its highest level since going public in June. The potential merger between Tesla and SpaceX is under review by special committees at both companies, and there is a push to complete the deal before the Trump Administration's end. However, a less friendly Congress could complicate the process, even if it doesn't automatically block the merger.",
  "summary": "Shares in Tesla and SpaceX shares have sloughed off roughly US$460 billion (S$588 billion).",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "BBC Technology",
        "title": "Shares in Musk's SpaceX plunge as tech and AI stocks fall",
        "url": "https://urgent.news/2026/11/05/shares-in-musks-spacex-plunge-as-tech-and-ai-stocks-fall",
        "published": "2026-11-05T16:44:38.000Z"
      },
      {
        "outlet": "KahawaTungu",
        "title": "Shares in Musk’s SpaceX plunge as tech and AI stocks fall",
        "url": "https://urgent.news/2026/11/05/shares-in-musks-spacex-plunge-as-tech-and-ai-stocks-fall-18381296",
        "published": "2026-11-05T21:20:24.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}