Tesla and SpaceX Lose $420 Billion in Market Value
The drop follows US elections amid fears of new regulations and probes into Elon Musk's companies.
Shares of Tesla and SpaceX fell 11% and 9% respectively last Thursday. This movement resulted in a combined loss of $420 billion in market value since polls closed on Tuesday.
Investors are concerned about the possibility of new congressional investigations into Elon Musk's businesses. The current political landscape, with the Democratic victory in Congress, increases fears of a stricter regulatory environment for the companies.
Musk's personal wealth also took a direct hit from the devaluation of his assets. The entrepreneur's fortune fell by about $90 billion over the last week and dropped below the $800 billion mark.
Analysts at Deutsche Bank warn of potential hurdles for technological infrastructure development in Texas. Projects like the semiconductor factory and the SpaceX supercomputer may face delays due to new requirements regarding water and energy consumption.
Beyond fiscal issues, SpaceX has been ordered to preserve records regarding satellite internet service restrictions in Ukraine. The request came from parliamentary offices seeking clarification on the company's operations in conflict zones.
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