Tesla and SpaceX shares drop after Elon Musk's election bet backfires
Source: Business Insider ·
Shares in Tesla and SpaceX fell around 4% premarket on Wednesday after the Democrats won a string of midterm victories in Texas.
From the source
Both SpaceX and Tesla are headquartered in Texas.Michael Yanow/NurPhoto via Getty ImagesElon Musk's election night bill keeps getting bigger.Tesla and SpaceX shares both fell premarket after a string of Democratic victories in Texas.Musk reportedly spent over $200 million in a failed mission to keep Texas red.It's looking like the election might become even more expensive for Elon Musk.Shares in Tesla and SpaceX fell more than 4% premarket on Wednesday after the Democrats won a string of midterm victories in Texas, where both companies are based.The Texas results, which saw James Talarico beat Republican nominee Ken Paxton to the Senate seat and Democratic candidate Gina Hinojosa unseat longtime governor Greg Abbott, will be especially painful for Musk.The Tesla and SpaceX CEO spent roughly $224 million backing Republican candidates in Texas, according to The New York Times, including $158 million in September alone.Should the share drops for SpaceX and Tesla hold at market open,…
BestAIBroker analysis
- Finance-aware sentiment: negative (-0.50 on a -1 to +1 scale).
- Event classification: OTHER.
- Market importance score: 29/100, weighting entity relevance, source credibility, multi-outlet coverage and recency.
- Symbols referenced: TSLA.