Elon Musk and the tech bros banked on Trump and lost. Humbled, humiliated: what will they do next? | Jonathan Liew
Summary
The article argues that technology executives who backed Donald Trump misjudged voters’ opposition to his politics and to the expansion of data centers. It says recent U.S. election results and defeats for data-center-related ballot measures have raised political and financial risks for the tech industry.Key Facts
- The article describes a White House lunch hosted by Donald Trump for technology executives, including Elon Musk and Nvidia CEO Jensen Huang.
- It says Trump and technology leaders discussed an AI industry with fewer regulations and safeguards.
- The article reports that Gina Hinojosa defeated Texas Republican incumbent Greg Abbott after promising a moratorium on data-center development.
- It says Hinojosa’s campaign was outspent almost eight to one, largely by technology donors seeking to preserve tax breaks.
- The article says 46 of 47 ballot measures related to data centers were defeated.
- It reports that technology stocks sold off after the election results.
- The article argues that the results reflected voter opposition to both Trump’s politics and technology companies’ influence.
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