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Musk After Democratic Win
Elon Musk is facing a difficult time following Democratic gains in the midterm elections, despite not being a candidate himself. He spent nearly half a billion dollars supporting Republicans, and candidates he backed lost in Texas, home to Tesla and SpaceX. Analysts expect closer scrutiny of his projects, particularly data centers and artificial intelligence, with approvals potentially delayed and construction restricted. Meanwhile, SpaceX shares fell 5.5% and Tesla shares 5.1%. His projects will also face political tensions in Texas with governor-elect Gina Hinojosa, who previously accused the outgoing governor of giving Musk’s companies special favors.
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