The spacecraft potential is often used to infer rapid changes in the thermal plasma density. The variations in spacecraft potential associated with large-amplitude Langmuir and upper hybrid waves are investigated with the Magnetospheric Multiscale (MMS) mission. When large-amplitude Langmuir and upper hybrid waves are observed, the spacecraft potential increases. The changes in spacecraft potential are shown to be due to enhanced photoelectron escape from the spacecraft when the wave electric fields reach large amplitude. The fluctuations in spacecraft potential follow the envelope function of the Langmuir and upper hybrid waves. Comparison with the high-resolution electron moments shows that the changes in spacecraft potential associated with the waves are not due to density perturbations. Indeed, using the spacecraft potential as a density probe leads to unphysically large density fluctuations. In addition, the changes in spacecraft potential are shown to increase as density decreases: larger spacecraft potential changes are observed in the magnetosphere, than in the magnetosheath and solar wind. These results show that external electric fields can lead to unphysical results when the spacecraft potential is used as a density probe. The results suggest that fluctuations in the spacecraft potential alone cannot be used to determine whether nonlinear processes associated with Langmuir and upper hybrid waves, such as the ponderomotive force and three-wave decay, are occurring.