SpaceX, Tesla stocks tumble as Democratic sweep raises questions on merger prospects, AI build-out

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SpaceX (SPCX) and Tesla (TSLA) stocks extended declines on Thursday, each dropping roughly 9%. Shares of the Elon Musk-led companies were pounded after Democrats won control of the House and Senate this week, raising concerns over regulatory hurdles for data center buildouts in the US and merger aspirations between the two companies. The Democratic win in Texas, where both SpaceX and Tesla are headquartered, is at the center of the concern. The state flipped blue at the gubernatorial level and saw the Senate seat won by James Talarico, with whom Musk got into fierce spats on social media leading up to the elections.