SpaceX and Tesla Lose $420 Billion After Democrats' Victory in Texas - Sarmad
The value of Tesla and SpaceX shares dropped significantly following Gina Hinojosa's victory in Texas and her pledge to halt data projects.
Translated by Qiyas from سرمد — Original source
Shares in Elon Musk’s companies, Tesla and SpaceX, fell sharply on Thursday, with Tesla dropping 9.86% and SpaceX declining 8.05%, following earlier losses of 1.3% and 3.8% respectively on Wednesday, as investors assessed the initial results of the U.S. congressional elections.
The combined market capitalization of Tesla and SpaceX has declined by $420 billion since the U.S. midterm elections, amid concerns that the companies’ plans face heightened risks.
According to the Financial Times, Texas Governor-elect Gina Hinojosa pledged to halt the construction of new data centers, potentially jeopardizing Musk’s plans to build his third supercomputer, named “Colossus,” near Brownsville.
The newspaper noted that Musk had spent more than $200 million supporting Republican candidates in the races for Texas governor and U.S. Senate, yet Democrats won both contests for the first time in decades.
