Silicon Valley loses $600 million bet in US congressional elections

Silicon Valley investors lost a $600 million bet on Republican candidates in the US midterm elections, as Democrats secured major victories despite massive tech industry spending. The outcome revealed the limits of financial influence in shaping voter sentiment. Tech billionaires, led by Elon Musk who spent over $470 million, backed Republican candidates across Senate and House races. Key losses included Texas candidate Ken Paxton, while voter concerns over AI data centers, inflation, and the Iran war drove the Democratic shift. The defeat signals potential regulatory pressure ahead, with Democrats planning to summon AI company executives for testimony. However, spending remained small relative to donors' wealth, and Musk deleted his pro-Republican post after the results.