Musk Mocks GOP Losses as Investors Weigh Risks

Democrats won control of both chambers of Congress and scored historic victories in Texas, where James Talarico defeated Republican Ken Paxton for the Senate and Gina Hinojosa defeated incumbent Governor Greg Abbott. Elon Musk spent an estimated $442 million to $474 million supporting Republican candidates and groups, including at least $212 million toward Paxton’s campaign. Musk mocked the results on X with jokes about his political influence and said putting data centers in space was looking appealing. Hinojosa has proposed a moratorium on new Texas data-center construction and tighter rules on energy and water use and tax breaks, raising concerns about tougher oversight of AI and data-center development in Texas, a major hub for planned capacity and Musk’s businesses. Broader U.S. markets rose as political uncertainty eased, while Tesla, SpaceX and several AI-linked stocks fell amid investor concerns about the election’s implications for the sector.