Tesla and SpaceX shares slip after the Democratic sweep

Wall Street shrugged off the midterms on Wednesday — except when it came to Musk's companies. Tesla and SpaceX shares fell after Democrats won both chambers of Congress, lagging a broader market that recovered and turned positive, Teslarati reports. Tesla was down 2.32 percent at around 1:45 p.m. Eastern, near $389.30. The pressure goes beyond Musk's political spending, estimated at $450–474 million this cycle with about $224 million aimed at Texas: in that state Tesla now faces a Democratic governor and a Democratic senator after Gina Hinojosa unseated Greg Abbott and James Talarico beat Ken Paxton. Teslarati expects both companies to adjust their outlook to the new Congress. A one-day dip is noise; Gigafactories, rockets and satellites are not built on election cycles.