WASHINGTON, Nov 7 — SpaceX and Tesla, the flagship companies of US billionaire Elon Musk, have jointly lost over US$420 billion since the November 3 midterm elections, reported Sputnik/RIA Novosti quoting a CNBC report.
The losses are caused by tech shares sell-off as investors grow concerned over enhanced scrutiny into Musk’s companies, including through congressional probes and stricter regulations in the wake of the Democratic victory in the midterms, the report said on Thursday.
The billionaire’s wealth has dropped under US$800 billion from US$1 trillion in June, the report said. Musk however still remains the richest person on Earth, it noted.
The United States held midterm congressional elections on November 3, as a result of which the Democrats gained control of both chambers. In Texas, a Democrat was elected governor for the first time in 30 years, while in Kansas, a Democrat was elected to Congress for the first time in 94 years.
In late October, CNN reported, citing Federal Election Commission data, that Musk became the largest known donor in the current US election cycle, contributing over US$445 million to the midterms. On Tuesday, the billionaire had urged Americans to “vote red”.
