STOCKS | SpaceX Shares Plunge After U.S. Midterms as Cathie Wood Buys $47.4 Million

Cathie Wood’s Ark Invest bought about $47.4 million of SpaceX shares on Wednesday after the stock fell following the U.S. midterm elections. According to Sina Finance, Ark bought 224,483 shares through the ARK Innovation ETF (ARKK), 63,478 through the ARK Autonomous Technology & Robotics ETF (ARKQ), and 60,445 through the ARK Next Generation Technology ETF (ARKW), for a total of 348,406 shares. At Wednesday’s closing price of $135.92, the purchases were worth about $47.4 million. Democrats’ sweeping control of Congress in the 2026 U.S. midterm elections sent Tesla and SpaceX shares lower on Wednesday, reducing Elon Musk’s net worth by about $33.5 billion to $865 billion. Musk had previously spent heavily to support Republican candidates. With Democrats controlling the new Congress, his businesses, including government contracts, autonomous vehicle operations, and AI development plans, could face closer scrutiny. Ark also sold 46,164 shares of Alphabet Class C stock through ARKK and ARKQ. At Wednesday’s closing price of $287.30, the shares were worth about $13.3 million. Ark sold another 15,750 Amazon shares through ARKQ, worth about $4.2 million at Wednesday’s closing price of $266.03. The sales totaled about $17.5 million. Alphabet shares rose on Wednesday as the broader market strengthened after the midterm elections. Google Cloud expanded its AlloyDB database tools, including a preview feature that lets developers query data in Apache Iceberg tables alongside live database records. Google reportedly plans to invest $15 billion in Malaysia between 2027 and 2028, including funding for a new data center campus.