Shares in Musk’s SpaceX plunge as tech and AI stocks fall

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According to BBC, hundreds of billions of dollars in market value has been wiped from major tech firms in the US and Asia in a stock market rout after the US midterm elections sparked concerns of a slowdown in artificial intelligence development. Shares in firms across the tech and AI sectors plummeted following Democratic wins after election campaigns run on slowing AI. The tech-heavy Nasdaq composite index closed down by more than 5.5%, losing an estimated $2.5tn in market value, while other key US stock indexes also saw big losses. In Asia, tech-heavy indexes fell sharply, and major chipmakers saw their shares slide. President Donald Trump blamed the slide on his political opponents, while Democrats argued that AI has grown too big without safeguards. Shares in Elon Musk's companies SpaceX and Tesla plunged, falling 8% and nearly 11% respectively.