Elon Musk’s Companies Take a Beating as Dems Surge on Election Night

Sean JamesWed, November 4, 2026 at 3:05 AM UTC

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(AP Photo/Alex Brandon)

Election Night isn’t looking good for Elon Musk — or anyone invested in his businesses.

The developing blue wave has sent tech stocks plummeting in overnight futures trading, and two stocks hit particularly hard are SpaceX and Tesla, Musk’s rocket and electric car companies.

Tesla shares were down 4.4% to $381 per share around 9:45 p.m. ET, while SpaceX was down 5.2% to $134 per share.

Investors appear worried Musk’s ties to President Donald Trump and the Republican Party will lead to pain for his companies — and likely the man himself. And with good reason.

Politico reported last month that Democratic lawmakers are lining up to probe the SpaceX and Tesla boss,  with the Dems aiming “many targets” at Musk if they take control of the House — which happened on Tuesday night. Their prime focus will be on his brief stint leading the newly-formed Department of Government Efficiency (DOGE) during the early days of Trump’s second term, according to the report.

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“What happens when one guy gets a giant contract from the government and then uses it to do something that shuts down communication in a war that has been extremely important to the United States to support Ukraine?” Rep. Pramila Jayapal (D-WA) told Politico. “There’s a lot of different parts of the corruption around Musk.”

Another likely reason Dems are targeting Musk: he poured more than $445 million into helping GOP candidates win their midterm races.

Musk has bashed Democratic candidates like Texas Senate candidate James Talarico heading into Tuesday, and has said he’s terrified about what will happen if the Dems have the House, Senate, and White House after 2028.

Musk posted on X last week:

1. Make DC and Puerto Rico states to gain a strong majority in the Senate.

2. Open the borders and legalize everyone living in America illegally to cement a permanent majority.

3. Increase the size of the Supreme Court to gain an immediate majority.

This would result in America becoming a permanent one-party state and the end of democracy in any meaningful sense of the word.

All that is needed to ensure this doesn’t happen is 51 Republican senators in 2029. That is why you should vote for Republican senators this election. Other reasons are irrelevant compared to this one.

In related news, the tech-heavy Nasdaq is down 2% on Tuesday night.

The post Elon Musk’s Companies Take a Beating as Dems Surge on Election Night first appeared on Mediaite.

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Source: “AOL Breaking”