00:00It's Benzinga, bringing Wall Street to Main Street.
00:02SpaceX and Tesla lost a combined $456 billion in market value by Thursday's close,
00:09as investors worried about increased congressional scrutiny
00:12following Democratic victories in the midterm elections, according to CNBC.
00:17SpaceX declined by 9%, while Tesla fell by 11%.
00:22Democrats won control of both chambers of Congress,
00:25while several candidates backed by Elon Musk lost their races.
00:30Musk contributed more than $470 million to Republican candidates and causes.
00:35Deutsche Bank analysts warned that tighter regulations
00:38could delay SpaceX's planned AI infrastructure expansion in Texas
00:42and increase construction costs.
00:45Musk and SpaceX have also been instructed to preserve records
00:48concerning restrictions on Starlink service in Ukraine.
00:51His wealth has fallen below $800 billion after dropping about $90 billion in the past week,
00:58down from more than $1 trillion following SpaceX's June IPO.
01:02Elon Musk remains the world's richest person, according to Forbes.
01:07For all things money, visit Benzinga.com.
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