Tesla and SpaceX shares declined after Elon Musk’s spending in the 2026 midterm elections produced little result. The CEO spent more than $445 million on the U.S. election, making him the largest donor by a wide margin according to filings. A large share of the funds was used to oppose James Talarico, the Democratic candidate for the Texas Senate seat who was projected to win comfortably. Investors are now concerned that policies under the new Democratic officials could be less favorable to Tesla and SpaceX.
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