Tesla and SpaceX Shares Drop After Democratic Midterm Victory
Tesla and SpaceX shares declined in after-hours trading Tuesday after early midterm results projected Democratic control of the U.S. House and Senate.
Shares of Tesla Inc. and Space Exploration Technologies Corp. declined approximately 1.8% in after-hours trading on Tuesday. The market reaction followed early results from the U.S. midterm elections indicating a decisive victory for the Democratic Party.
The stock drop began following a projection that Senator Jon Ossoff would win reelection in Georgia. Shortly after, Decision Desk HQ projected that Democrats would take control of both the U.S. House of Representatives and the U.S. Senate.
Investors reacted to the shift in political power, impacting the market valuation of companies led by Elon Musk, a known backer of the Republican Party.
