Cathie Wood Buys $47.4 Million of SpaceX as Democratic Congress Looms Over Elon Musk’s Businesses After Midterms

On Wednesday, Cathie Wood-led Ark Invest bought an estimated $47.4 million worth of Space Exploration Technologies Corp. (NASDAQ:SPCX) shares. The firm also sold approximately $17.5 million worth of Alphabet Inc. (NASDAQ:GOOG) and Amazon.com Inc. (NASDAQ:AMZN) shares combined.

The SpaceX Trade

Ark bought 224,483 SpaceX shares through ARK Innovation ETF (BATS:ARKK), 63,478 shares through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and 60,445 shares through ARK Next Generation Technology ETF (BATS:ARKW). The combined purchase totaled 348,406 shares, a trade worth approximately $47.4 million based on Wednesday’s closing price of $135.92.

SpaceX shares fell Wednesday following the U.S. midterm elections. Bloomberg data indicates CEO Elon Musk’s estimated net worth fell by about $33.5 billion to $865 billion after the Democrats swept Congress in the 2026 midterm elections, as declines in Tesla and SpaceX shares erased billions of dollars from his holdings. Musk had reportedly spent heavily to support Republican candidates, while the incoming Democratic-controlled Congress could bring increased scrutiny of his businesses, including their government contracts, autonomous vehicle operations and AI ambitions.

The Alphabet Trade

Ark sold 31,480 Alphabet Class C shares through ARKK and 14,684 shares through ARKQ. The combined sale totaled 46,164 shares, worth approximately $13.3 million based on Wednesday’s closing price of $287.30.

Ark had also sold 12,530 shares through ARKQ on Tuesday. That trade was valued at $3.5 million.

Alphabet shares rose Wednesday as the broader market rallied after the midterms. Separately, Google Cloud expanded its AlloyDB database tools, including a preview that lets developers query data stored in Apache Iceberg tables alongside live database records. Reuters also reported that Google planned to invest $15 billion in Malaysia across 2027 and 2028, including spending on new data center campuses.

The Amazon Trade

Ark sold 15,750 Amazon shares through ARKQ, a trade worth approximately $4.2 million based on Wednesday’s closing price of $266.03.

Amazon was among the large cloud providers in focus as investors weighed AI infrastructure spending against the sector’s earnings outlook. Ahead of last month’s earnings reports, CNBC’s Jim Cramer had flagged capital spending at Amazon, Alphabet and Microsoft as a key test for AI data center shares.

Other Key Trades

• Nurix Therapeutics Inc. (NRIX): ARKG bought 350,410 shares.
• Pacific Biosciences of California Inc. (PACB): ARKG and ARKK bought a combined 73,281 shares.
• GeneDx Holdings Corp. (WGS): ARKG bought 25,758 shares.
• Circle Internet Group Inc. (CRCL): ARKF bought 1,894 shares.
• Bullish (BLSH): ARKF, ARKK and ARKW sold a combined 125,402 shares, the third straight session of sales.
• Personalis Inc. (PSNL): ARKG sold 383,022 shares.
• Tempus AI Inc. (TEM): ARKK sold 75,243 shares.
• CrowdStrike Holdings Inc. (CRWD): ARKW sold 8,809 shares.
• Eli Lilly and Co. (LLY): ARKK sold 8,551 shares.
• Cloudflare Inc. (NET): ARKW sold 7,483 shares.

Benzinga Edge Rankings show SpaceX underperforming across Short, Medium and Long-term price trends.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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