EL7.AI
StocksMediumUpdated×7•Originally published 4 November 2026•Updated 4 November 2026•
1 min read

Tesla and SpaceX Shed $61 Billion in Value as Musk's $216M PAC Funding Revealed

Key Facts

1Tesla and SpaceX shares fell more than 6% in after-hours trading on November 3, 2026.
2Tesla closed at $398.50 on November 3, compared with $403.82 on November 2.
3SpaceX closed at $141.31 on November 3, compared with $136.37 on November 2.
4Democrats flipped at least 7 Senate seats in the 2026 midterm elections.

Tesla and SpaceX lost approximately $61 billion in market value during after-hours trading. The decline followed reports that Elon Musk injected $216 million into the America PAC as part of a total $445.77 million election spending spree supporting Republican candidates who were defeated in the US midterms.

SpaceX shares fell 7.5% and Tesla dropped 5.5% in trading on Wednesday, November 4, 2026. The companies face potential for increased legislative oversight due to Democratic control of Congress and the election of Gina Hinojosa as Governor of Texas, placing any potential merger under intense scrutiny.

Latest Updates · 2

  1. Notable·

    Update: Goldman Sachs reported that the Democratic victory in Texas could lead to the removal of tax breaks for data centers. The bank also noted the potential for stricter environmental regulations and tighter utility rules regarding electricity consumption in the state.

  2. Major·

    Update: US midterm election results on November 4, 2026, confirmed that Democrats have gained control of both the House of Representatives and the Senate by wide margins. This full legislative control is expected to increase the likelihood of tighter federal oversight regarding the technology and AI sectors.

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