Tesla and SpaceX shares declined by about 9% and 11% respectively on Thursday afternoon with investors concerned that Elon Musk, who is CEO of both companies, could face new Congressional probes, and his companies could face stricter regulation following U.S. mid-term elections.
The declines, which correlated with a broader tech selloff, brought aggregate market cap losses for SpaceX and Tesla to over $420 billion since Tuesday's close.
Musk's wealth, which had topped $1 trillion after SpaceX's IPO in June, is now down below $800 billion, having dropped about $90 billion in the past week, according to Forbes. He is still the richest man in the world.
Musk was the biggest donor to GOP candidates and causes in the mid-terms, with his financial contributions exceeding $470 million, the FT first reported.
Despite his bolstering the GOP war chest, most of the candidates Musk backed lost their races.