Elong Musk-led Tesla stock and SpaceX shares plunged for a second consecutive day on the 5th (local time), shedding about 500 trillion won (approximately $370 billion) in market capitalization.
The sharp decline was driven by growing concerns that data center construction could slow down following the Democratic Party’s victory in the U.S. midterm elections.
On this day on Wall Street, Tesla plummeted 10.8% and SpaceX dropped 9.1%, marking their second straight day of losses. Over the two-day span, the losses reached 13.8% for Tesla and 12.5% for SpaceX.
SpaceX’s closing price of $123.62 fell below its initial public offering (IPO) price of $135 set during its listing last June.
Combined, the market value of the two companies shrank by around $370 billion (approx. 505 trillion won) over the course of the week.
