6 stories published
Last updated Saturday, November 7, 2026 — 3:30 AM EST
Elon Musk told investors the Cybertruck will end production at the Texas factory around mid-2027, with the line retooled for the Cybercab robotaxi, closing a money-losing attempt to crack the American pickup market.
Elon Musk spent nearly $500 million, more than any person in a single election cycle, backing Republican candidates in the midterms. His largest investment, at least $45 million for Ken Paxton in Texas, lost to Democrat James Talarico.
US equity futures erased steep early losses overnight as the Democratic sweep in the midterm elections was judged largely priced in, with tech earnings next in focus.
Tesla shares fell 3% and SpaceX dropped 9% as speculation about a merger between Elon Musk’s two companies dominated Wall Street after earnings, with analysts questioning the deal’s logic and experts warning of steep regulatory hurdles.
Special committees at Tesla and SpaceX are weighing a merger, Elon Musk said, even as CNBC reported he has committed roughly $366 million to 2026 midterm races and SpaceX has booked $6.78 billion in federal contracts this year.
Elon Musk said a merger of Tesla and SpaceX would be a good idea and disclosed that special committees have been formed to assess a potential deal that would combine the two largest private and public companies he controls.
