Politics
Musk loses $60 billion as Texas turns blue and Tesla, SpaceX shares slide
November 5, 2026 at 05:05 PM
Coverage
3 reports · 1 in Arabic, 2 in English · over 5 hours
BNBBC News
Shares in Musk's SpaceX plunge as tech and AI stocks fall
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يواليوم السابع
إيلون ماسك يخسر 60 مليار دولار عقب هزيمة الجمهوريين فى انتخابات الكونجرس
(opens the publisher’s site)
CNCNN
Musk bet big on keeping Texas red. What happens to his business empire now?
(opens the publisher’s site)Elon Musk lost over $60 billion as Republican midterm defeats and Democratic victories in Texas hit his companies' shares.
- Musk lost over $60 billion after Republican midterm defeats, with Tesla shares falling 5.7% and SpaceX shares 7.6%.
- Campaign finance data shows Musk donated nearly $500 million through October, including $205 million in Texas backing Republican Ken Paxton.
- Paxton lost to Democrat James Talarico, while Democrats Gina Hinojosa and Nathan Johnson won the Texas governor and attorney general races.
- Musk wrote on X that "data centers in space looking pretty appealing right now."
- The Nasdaq Composite fell more than 5% in early trading as the selloff spread to tech and AI stocks, with chipmakers AMD, Micron, Intel and Nvidia dropping sharply.
- Governor-elect Gina Hinojosa campaigned on a moratorium for new data-centre construction, Texas being a key state for the industry.
- Tech leaders said they were caught off guard by the anti-data-centre backlash and that the industry must improve communication with local communities.