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Summary
Tesla (TSLA) closed at $343.69 on November 5, 2026, down 10.77%, as the Nasdaq Composite fell 5.52%.
Financial media tied the drop to the Democratic sweep of Congress, which Yahoo Finance reported raised questions about a possible SpaceX merger and data center growth.
Tesla now sits 31.10% below its 52-week high of $498.83, with volume at 79.7 million shares against a 37.1 million average.
Gotrade News - In the latest Tesla stock news, Tesla (TSLA) closed at $343.69 on Thursday, November 5, 2026, down $41.50 or 10.77%. Financial media tied Tesla stock's drop to the Democratic sweep of the House and Senate in Tuesday's midterm elections, which raised questions about a possible SpaceX merger and the US data center build-out, according to Yahoo Finance.
TSLA Trading Data
Data
Value
Closing price
$343.69
Change
-$41.50 (-10.77%)
Previous close
$385.19
Open
$374.12
Day range
$338.15 to $374.30
Volume
79.7 million shares
30-day average volume
37.1 million shares
52-week range
$297.38 to $498.83
Market cap
$1.36 trillion
Regular-session close on Thursday, November 5, 2026, 4:00 p.m. New York time. Stock prices: Yahoo Finance, cross-checked against the closing price on Nasdaq.com. Volume and 30-day average volume: Nasdaq.com. 52-week range: Yahoo Finance daily highs and lows since November 6, 2025. Indices and the 10-year Treasury yield: Yahoo Finance daily closes for the same date.
Tesla opened at $374.12, below the prior close of $385.19, and the session high of $374.30 sat barely above that open. The stock then traded as low as $338.15 and finished $5.54 above that low, near the bottom of its day range. Volume reached 79.7 million shares, 114.66% above the 37.1 million share average.
The 10.77% decline was 5.25 percentage points worse than the Nasdaq Composite, which fell 5.52% to 24,315.00. The S&P 500 dropped 4.36% to 7,353.73 and the Dow Jones Industrial Average lost 3.44% to 51,523.06, while the US 10-year Treasury yield eased 5.7 basis points to 4.84%.
SpaceX (SPCX), the other Musk company in focus, fell 9.05% to $123.62. Nvidia (NVDA) lost 9.26% and electric vehicle maker Rivian (RIVN) slipped 5.48%. After the drop, Tesla sits 31.10% below its 52-week high of $498.83 and 15.57% above its 52-week low of $297.38.
Democrats won control of both the House and the Senate in the November 3 midterm elections, and Tesla and SpaceX fell sharply after the result, as reported by Investor's Business Daily. Per Yahoo Finance, Thursday's slide extended earlier declines as investors weighed a tougher regulatory path for a possible merger of the two companies and for US data center construction. The outlet also pointed to Texas, where both companies are headquartered: the governor's race flipped to the Democrats, and Democrat James Talarico won a Senate seat.
Musk said on SpaceX's third-quarter earnings call last month that combining with Tesla would be a good idea, and that both companies are exploring a potential deal, Yahoo Finance reported. Dan Ives, partner and managing director at Yorkville, said he still believes a merger will happen but sees "a much tougher regulatory roadmap" to close it in 2027.
Goldman Sachs analysts estimated on Wednesday that Democratic wins at the state and local level would likely bring short-term data center moratoria, potentially affecting about 45% of planned US data center capacity expansion, according to Yahoo Finance. Motley Fool reported that investors sold chip and data-center stocks on fears that new leaders could slow construction, and that Sen. Ted Cruz said on the All-In podcast that Democrats had signaled they would use subpoenas against Musk.
TSLA Stock Analysis: Supporting Factors and Risks
Supporting Factors
Tesla CFO Vaibhav Taneja expects robotaxis to make a real dent in sales and profits in 2027, and the Cybercab was due to launch in Dallas this month, according to Motley Fool.
SpaceX owes Tesla $729 million, mostly for Megapack batteries still on order, Motley Fool reported.
Musk has said Tesla and SpaceX are exploring a potential deal, and Ives still expects a merger, per Yahoo Finance.
Risks
Taneja conceded that robotaxis have not yet reached their cost target of 30 cents per mile, and Musk has said Tesla would carry most passenger miles on Earth "unless we are stopped by governments," per Motley Fool.
Ives expects growth in Big Tech and hyperscaler spending to "clearly moderate significantly" into 2028 as Texas and the political landscape slow data center buildout, per Yahoo Finance.
Democrats will control both chambers of Congress, and Cruz said they signaled subpoenas against Musk, Motley Fool reported.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is experienced in analyzing market data and developing research-driven business strategies.
