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This article first appeared on GuruFocus. Tesla Inc. (TSLA, Financials) and SpaceX sank around 5% in premarket trading as the Democratic wins in the U.S. midterm elections raised worries about how the results may politically affect Elon Musk's enterprises.The losses followed a highly watched contest for the Texas Senate in which Democrat James Talarico upset Republican Ken Paxton, who had been backed by Musk.Musk has allegedly spent more than $160 million to fund anti-Talarico campaigns, including political ads.The survey also found Republicans outspent Democrats on ads in the election by nearly two to one.Musk's wider political expenditures also attracted notice.
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