SpaceX Stock Premarket Today: SPCX Drops 5% As Texas Flips Democratic

SpaceX shares fell 5.20% in premarket trading on Wednesday to $133.96, down $7.35 from Tuesday’s close of $141.31, as Democratic victories in Texas raised new questions for Elon Musk’s companies. The drop wipes out Tuesday’s 3.62% gain. Musk spent about $224 million backing Republican candidates in Texas, where SpaceX runs its Starbase launch site, but Ken Paxton and Governor Greg Abbott both lost. Governor-elect Gina Hinojosa has called for a pause on new data centres and an end to industry tax breaks, which could affect SpaceX’s AI expansion plans. Tesla also fell nearly 5%.

Source: Coinpedia