Tesla and SpaceX shares fell about 9% and 11%, respectively, on Thursday afternoon, contributing to a combined market capitalisation loss of more than $420 billion since Tuesday’s close. Elon Musk, who runs both companies, saw his wealth fall below $800 billion after it surpassed $1 trillion following SpaceX’s June IPO. His contributions to Republican candidates and causes, exceeding $470 million, failed to secure victories for most of the candidates he backed, while Democrats took control of the House and Senate. Tighter regulatory constraints in Texas could delay SpaceX’s computing infrastructure projects, increase its capital expenditure and complicate a possible Tesla-SpaceX merger. Musk and SpaceX have also been instructed to preserve records concerning restrictions imposed on a military version of the Starlink internet service in Ukraine.
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