Layoffs & Tech JobsNov 4, 2026·2 min read

How a blue wave crushed the tech right

Business Insider – Tech

3h ago

Summary

Kent NISHIMURA / AFP via Getty Images; Rebecca Zisser/BI Elon Musk spent $446 million on the midterm elections. He ended up one of the biggest losers. Democrats tapped into voter fury over data centers encroaching on their neighborhoods. Markets are confident in Big Tech stocks, but CEOs may now have to face Congressional subpoenas. Trump's presidential term doesn't end for another two years. But the political sea change against tech titans like Elon Musk starts now. For Musk, the $446 million he spent to elect Republicans in the midterms wasn't much. It amounted to about a twentieth of a percent of his net worth. In the world of politics, it seemed like a tsunami. Shares of Musk's SpaceX and Tesla were down 5% and 2% in Wednesday trading, respectively, after Texas voters pushed out longtime Republican governor Greg Abbott and elected Democratic candidate James Talarico for the US Senate.

From the source

Kent NISHIMURA / AFP via Getty Images; Rebecca Zisser/BI Elon Musk spent $446 million on the midterm elections. He ended up one of the biggest losers. Democrats tapped into voter fury over data centers encroaching on their neighborhoods. Markets are confident in Big Tech stocks, but CEOs may now have to face Congressional subpoenas. Trump's presidential term doesn't end for another two years. But the political sea change against tech titans like Elon Musk starts now. For Musk, the $446 million he spent to elect Republicans in the midterms wasn't much. It amounted to about a twentieth of a percent of his net worth. In the world of politics, it seemed like a tsunami. Ultimately, Musk was the one drowned by a wave . The blue wave that swept America on election night was a repudiation of President Donald Trump's policies, including tariffs and a war in Iran that fueled inflation. It was a backlash against data centers, the physical symbols of how artificial intelligence has been taking ove

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