Tesla and SpaceX shares slide after Democrats' midterm gains

Tesla and SpaceX shares fell Thursday, Nov. 5, following Democrats' midterm gains. Forbes reporter Antonio Pequeño IV reported that Tesla shares slid 11.5% to their lowest point since August, while SpaceX stock dropped 8% to around $125 a share. Those were Thursday afternoon figures, not closing prices.

In a post linking to a report by Jordan Fitzgerald, Bloomberg characterized Tesla's decline as reflecting worries that Democratic wins could hinder Elon Musk's efforts to expand his businesses. That was its account of investor concern, not evidence that an expansion plan had been blocked. Forbes reported that technology shares were already under pressure before Election Day amid concerns about AI spending.

By Thursday afternoon, Forbes estimated that Musk's net worth had fallen $80 billion, dropping below $800 billion. That figure is a valuation estimate, not a realized loss. Forbes also reported declines in the estimated fortunes of other technology billionaires.