Tech billionaires face new risks after Democrats win US midterms

Tech billionaires face a new political landscape after Democrats won the US midterm elections, potentially turning their alliance with President Donald Trump into a political and economic vulnerability, according to The New York Times. Democratic victories, fueled by public discontent with big tech, give the party control of Congress and key state governments. Democrats have framed tech billionaires as symbols of inequality, and some industry leaders may now face congressional investigations or obstacles to their AI development goals. The election results also hit tech stocks, with the Nasdaq entering correction territory, and raised concerns about data center projects, particularly in Texas where a Democratic governor-elect plans to maintain a moratorium on new construction.