The Musk Midterms Trade: SPCX Flat, TSLA Drops 5% but DOGE Plunges 7%

Dogecoin (CRYPTO: DOGE) is down 7% since the midterms, trailing both SpaceX (NASDAQ:SPCX) and Tesla (NASDAQ:TSLA) even though all three are tied to Elon Musk.

Musk’s Three Assets Diverge After Election Day

From the Nov. 3 close through Nov. 9, SpaceX gained 0.50%, Tesla fell 5%, and Dogecoin dropped 7%, according to official sources. 

The selloff deepened Nov. 5, when Tesla and SpaceX shed roughly $456 billion combined, with SpaceX down 9% and Tesla down 12% on fears a Democratic Congress could slow their AI data center buildout and a rumored merger. 

SpaceX then rebounded nearly 15% through Nov. 9, erasing its losses entirely, while Tesla recovered 10% but stayed below its pre-election level. However, Dogecoin never turned the corner.

Analysts Split Tesla and SpaceX’s Political Risk

As Benzinga reported, a Bitunix analyst argued Tesla and SpaceX face different political risks following Texas Democrat Gina Hinojosa’s midterm win, with expansion plans, not existing operations, representing the real concern.

That distinction may help explain why investors treated the two Musk companies differently once the initial selloff passed.

SpaceX’s own earnings gave investors an additional reason to look past the political overhang. Benzinga reported the company posted third-quarter revenue of $14.58 billion, beating the $12.74 billion analysts expected, with earnings of 35 cents per share against estimates of 12 cents.

Revenue climbed 161% year over year, fueled by SpaceX’s Super Intelligence segment.

Why Dogecoin Never Found Its Own Catalyst

Dogecoin had no earnings report, merger speculation or AI revenue story to anchor a recovery, leaving it exposed to broader crypto weakness instead. 

As Benzinga reported this week, October CPI came in hotter than expected, pushing December Fed rate hike odds toward 77% and dragging Bitcoin, Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) lower alongside Dogecoin, pressure that compounded lingering fallout from the Binance hack still rattling crypto sentiment heading into the election.

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