Arya News - Shares of US billionaire Elon Musk`s companies, SpaceX and Tesla, continued to decline for a second consecutive day, according to trading data.
As of 15:06 GMT, Tesla shares were down 9.86% at $347.46 per share, while SpaceX shares had fallen 8.05% to $124.98. At the close of trading on Wednesday, Tesla shares were down 1.3% and SpaceX shares had fallen 3.8%, although both had declined by more than 5% during the session. Investors were assessing preliminary results of the US congressional elections. The United States held midterm congressional elections on November 3, as a result of which the Democrats gained control of both chambers. Trump admitted on Wednesday that the conflict with Iran influenced election results for Republicans, an idea also voiced by Vice President JD Vance. SpaceX is a US space technology company founded by Musk in 2002. In February, it was merged with another of Musk"s companies, xAI. In mid-June, the company went public and raised almost $86 billion as part of a record-breaking initial public offering. Tesla Motors was founded in 2003 as a developer and manufacturer of electric vehicles and related technologies. The company also produces batteries and electric motors using its own technology and sells them to other automobile companies, namely Toyota and Daimler. In 2021, Tesla moved its headquarters from Palo Alto, California, to Austin, Texas.