The stock market fall of technology companies makes Musk lose more than €27 billion

BarcelonaThe hangover from the Democratic victory in last Tuesday's US legislative elections has caused sharp falls among some of the main technology companies listed on the US stock exchange. One of the main ones affected by the downturns is the tycoon Elon Musk, who is estimated to have lost more than 27 billion euros.

The main stock market indices in the United States recorded significant falls this Thursday, dragged down by the widespread collapse of semiconductor manufacturers' shares, as well as other companies linked to the infrastructure boom for AI, following the overwhelming Democratic victory in the midterm elections, which fuels uncertainty regarding investments and regulations in the sector. Thus, the selective Philadelphia Stock Exchange Semiconductor Index, which groups the 30 largest semiconductor companies listed in the US, fell by more than 10% during the session, with double-digit falls or nearly so for the majority of its components.

Specifically, Nvidia shares fell by 8.99% and 8.65% in the case of ASML, while Broadcom shares lost 9.3%. For its part, the blow to Intel exceeded 10% and was more than 13% in the case of Qualcomm, while AMD and Micron fell by more than 17% each.

Likewise, shares listed on US exchanges of Asian semiconductor manufacturers such as the South Korean SK Hynix and the Taiwanese TSMC fell by 13.8% and 10.4%, respectively. For its part, the neocloud Nebius suffered a retreat of up to 19.8% during the first hours of trading, and data storage firms like Seagate fell by 15.9%, 16.7% in the case of Western Digital, and nearly 20% for SanDisk.

Impact for Elon Musk

Likewise, the valuation of Elon Musk's companies, one of the most prominent contributors to the Republican campaign, recorded sharp declines that reached 11% in the case of SpaceX and exceeded 10% in Tesla. This places the losses of the South African-born billionaire at about 30.2 billion dollars (about 27.4 billion euros), as he holds a 40.5% share of the stock in the former and 13% in the latter.

These losses are in addition to the donations of more than 470 million dollars (418 million euros) that he gave to the Republican Party during the election campaign, approximately half of which were in favor of the Republican candidates for senator and governor of Texas, Ken Paxton and Greg Abbott, who lost to the Democratic candidates, James Talarico and Gina Hinojosa, respectively.