Tesla shares slide overnight as Texas Senate result weighs on Musk-linked names

Tesla and SpaceX shares fell in overnight trading after the midterm results, as Democrats won the Texas Senate race that Elon Musk had backed financially. Market commentary tied the drop to doubts about Musk-backed AI data center buildouts and the companies' broader outlook. The move follows a stretch in which Tesla had been trading near the $400 level, and it adds political and key-person attention to a stock already sensitive to the proposed SpaceX combination talk.

1. Benzinga reported on November 4, 2026 that TSLA slipped 4.43% to $380.84 in overnight trading on Tuesday, per Benzinga Pro data.
2. The same report said SPCX fell 4.15% to $135.45 over the same window.
3. Democrat James Talarico was reported as winning the Texas Senate race against Ken Paxton, who Musk had backed.
4. Musk was reported to have spent roughly $158 million supporting Paxton-aligned political groups before the vote.
5. Benzinga attributed the decline to midterm results casting doubt on AI buildouts and the companies' prospects.
6. Musk posted on X on November 4, 2026 that his election-interfering space lasers had not worked this time.