SpaceX shares dropped $12.61, or 9.28%, to $123.31 on Thursday, deepening a selloff that began after Tuesday’s midterm elections. The fall cut SpaceX’s market value to about $1.66 trillion and left the stock roughly 45% below its $226 record high. Investors fear Democratic control of Congress could block a merger with Tesla that would give Elon Musk most of the voting power in a combined company. One Texas senator reportedly said Democrats will go after Musk. SpaceX’s push into AI computing has also left it exposed to the wider data centre selloff, along with its planned Terafab chip plant in Texas and a $40 billion chip financing deal. The decline came despite strong results. Third-quarter revenue jumped 161% to $14.58 billion, and the company earned $4.4 billion after losing $1.1 billion a year earlier. The post-election drop in SpaceX and Tesla has reportedly cut Musk’s wealth by $33 billion.
Was this writing helpful?
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.