Musk stocks lose $120 bn as Texas turns blue

Attributed summary

Elon Musk’s Texas-based empire is coming under investor scrutiny after Democrats clinched unlikely wins in his adopted state on their way to take control of Congress.Shares of Tesla Inc. and Space Exploration Technologies Corp. slumped 2.4% and 4.9%, respectively, after Democratic candidates prevailed in the state’s gubernatorial and Senate races, wiping out over $120 billion in combined market value as of 1:50 p.m. in New York on Wednesday. The party’s…