Tesla shares fell 2.71% to $387.70 during Wednesday's session after midterm results gave Democrats control of Congress and candidates backed by Elon Musk lost races nationwide, including in Texas, where Tesla has its biggest U.S. car plant. The article says other risks include possible tighter AI regulation, uncertainty over a potential Tesla and SpaceX combination, and possible congressional inquiries into Musk's government contracts. Because many index funds, including Invesco QQQ and Vanguard S&P 500 and Total Stock Market ETFs, hold Tesla, the decline affects multiple portfolios at once. Tesla makes up nearly a fifth of the net assets of the Consumer Discretionary Select Sector SPDR, so its drop takes about 0.53 percentage points off that fund. Tesla trades at 415 times earnings and is down 13.78% year to date, though it has gained 2,952.27% over ten years.
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TSLAElon Muskmidterm electionsETF
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Related tickers and likely impact
TSLA
▼ Likely negativeTesla, Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.6T |
| Close on 11/03/2026 | 398.50 |
| Change that session | -1.32% |
QQQ
• NeutralInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 685.28 |
| Change that session | +0.62% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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