Republicans suffered their worst midterm results in 50 years, and Elon Musk, who spent nearly $500 million on midterm races nationally and around $200 million in Texas, got little return as Texas voters backed Democratic candidates. The Nasdaq Composite rose 2% on Wednesday, while SpaceX fell 3.4% and Tesla dropped 2.3% in early afternoon trading. The article notes that Texas voters want more say on data centers, and Governor-elect Gina Hinojosa has proposed no subsidies for data centers, protection of water supplies and a temporary moratorium. Such rules could affect SpaceX's Terafab project in Grimes County, which could cost as much as $119 billion, as well as its plan to add 10 GW of AI compute by the end of next year. Because both companies' valuations rely heavily on Musk's AI forecasts, the article argues the election results may make those goals harder to reach, though the consequences remain difficult to predict.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Was Elon Musk the Midterms’ Biggest Loser? What It Means for Tesla and SpaceX Investors
Read the original on Yahoo Finance ↗
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Elon MuskTSLASpaceXmidterm electionsdata centers
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Related tickers and likely impact
TSLA
▼ Likely negativeTesla, Inc.
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.6T |
| Close on 11/03/2026 | 398.22 |
| Change that session | -1.39% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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