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Musk Clarifies No Government Contracts Amid Tesla, SpaceX Stock Drop
✍️ Times of India
🗓 09 Nov 2026, 09:36 AM
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Elon Musk said Tesla has no government contracts and SpaceX’s government revenue is falling, a statement that followed a sharp decline in both companies’ shares after the Democrats’ mid‑term win.
Elon Musk has clarified that Tesla does not hold any government contracts and that SpaceX’s revenue from government sources is on a decline.
The statements came after the shares of both Tesla and SpaceX fell sharply following the Democrats’ victory in the U.S. mid‑term elections.
Investors have expressed concern that the new administration could increase scrutiny of Musk’s businesses, potentially affecting future contracts and operations.
Musk added that he is prepared to cancel any government contracts that he deems unwanted, signalling a willingness to distance his companies from state involvement.
The statements came after the shares of both Tesla and SpaceX fell sharply following the Democrats’ victory in the U.S. mid‑term elections.
Investors have expressed concern that the new administration could increase scrutiny of Musk’s businesses, potentially affecting future contracts and operations.
Musk added that he is prepared to cancel any government contracts that he deems unwanted, signalling a willingness to distance his companies from state involvement.