The midterm elections have dealt a major blow to Donald Trump and his Republican Party, as well as to one of his biggest backers, entrepreneur Elon Musk. The two major companies controlled by Musk—Tesla and SpaceX—have suffered a sharp stock market correction following the Democrats' unexpected victory in Texas and their majority in the U.S. Congress.
Tesla shares fell 3.3% on Wednesday, and on Thursday the decline accelerated, dropping another 10.77%. SpaceX shares fell 3.8% on the first day and another 9% on Thursday. In total, the market value loss for the two companies is approaching $469 billion, or about €417 billion at the current exchange rate. On Wednesday, the depreciation amounted to €110 billion.
