CNBC reports that Elon Musk's Tesla and SpaceX lost over $420 billion in combined market cap in the two days after the U.S. midterms, with Democrats winning control of the House and Senate and most of Musk's backed candidates losing, including allies of his in Texas. Forbes estimates his wealth fell about $90 billion, and investors expect probes and steeper regulatory hurdles to the companies' AI and merger ambitions.