Musk business empire braces for fallout as Texas flips blue; SpaceX, Tesla shares fall
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Reuters reports that Elon Musk's business empire is bracing for a Democratic wave as Texas flips blue, following midterm losses for candidates he backed. The New York Times reports that SpaceX and Tesla stocks tumbled after Musk-backed candidates lost in Texas. People.com notes Musk reacted to the GOP's stunning midterms loss after he spent over $474 million on Republican races. CNBC says Musk's record election bet backfired and that the backlash may reach beyond one billionaire, while The Motley Fool examines why SpaceX stock is down. The aggregated headlines attribute the political outcome and market reaction to the candidates' defeats, with the spending figure attributed to reporting on Musk's political expenditures.
Source report
Reports from multiple outlets suggest Elon Musk's political bets backfired in the midterms, with his companies feeling the effects.
Political Spending and Midterm Losses
Elon Musk spent over $474 million on Republican races, according to People.com. Despite this record election bet, GOP candidates backed by Musk lost in Texas, a result described by The New York Times as a "stunning midterms loss."
Market Reaction
Following the defeats of Musk-backed candidates in Texas, stocks for SpaceX and Tesla tumbled, Reuters reported. The Motley Fool also noted that SpaceX stock was down, while CNBC reported that the backlash from Musk's record election bet may reach beyond one billionaire.
Musk Responds
Musk reacted to the GOP's midterm losses, according to People.com, as his business empire braces for a Democratic wave with Texas flipping blue, per Reuters.
Sources: Reuters, The New York Times, People.com, CNBC, The Motley Fool
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Musk's $474 Million Midterm Bet Backfires as Democrats Sweep and Stocks Fall