Tesla and SpaceX shares drop after Elon Musk's election bet backfires

Tesla and SpaceX shares decreased by approximately 4% during premarket trading on Wednesday. This decline followed a series of midterm election victories for Democrats in Texas. Elon Musk, the world's richest person, has previously antagonized Democrats. Some of these officials have now indicated their intention to launch investigations into Musk once they assume control of Congress, marking a significant setback for the entrepreneur following his election bets which have now backfired.