Tesla and SpaceX Have Lost $457 Billion in Two Days
Omor Ibne Ehsan reports at 24/7 Wall St. that Tesla and SpaceX shed roughly $457 billion in market value over two days after Democrats won both houses of Congress and key Texas races, with Tesla down 13.75% to $343.69, SpaceX down 12.52% to $123.62, and the cost of insuring SpaceX's debt hitting a record 284.3 basis points. Gina Hinojosa, who defeated Governor Greg Abbott after questioning tax incentives for Musk's companies and asking Texas Parks and Wildlife to pause a land sale near Starbase, said data-center work should stop until Texans are protected, and 24/7 Wall St. judges her actions a direct threat to the Terafab factory the two firms are building in Grimes County, though it holds a SpaceX default unlikely.
