Elon Musk's companies lose $420 billion as a result of Republican defeat According to CNBC, the combined market value of Tesla and SpaceX fell more than $420 billion in two days after the Republican defeat in the US midterm elections. The shares of these two companies fell on Thursday by 11% and 9% respectively. Concerns about the Democratic-controlled Congress's increased oversight of government contracts and Musk's business activities have been cited as one of the reasons for this decline. Investors also fear the tightening of regulations and the difficulty of obtaining permits for his development plans.

Elon Musk's companies lose $420 billion as a result of Republican defeat According to CNBC, the combined market value of Tesla and SpaceX fell more than $420 billion in two days after the Republican defeat in the US midterm elections. The shares of these two companies fell on Thursday by 11% and 9% respectively. Concerns about the Democratic-controlled Congress's increased oversight of government contracts and Musk's business activities have been cited as one of the reasons for this decline. Investors also fear the tightening of regulations and the difficulty of obtaining permits for his development plans.