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GOP Loss Shakes Tech Titans
The U.S. midterm elections dealt a blow to Republicans and President Donald Trump, highlighting the limited impact of spending by tech companies and interest groups. Efforts to redraw electoral districts and Trump’s interventions on behalf of candidates also failed to prevent losses. The five key lessons were that tech spending was becoming less effective; congressional oversight of companies could expand; redistricting efforts had failed; Trump-endorsed candidates had lost; and Democrats had succeeded in linking the cost of living to concerns about corruption and the influence of the wealthy. Elon Musk spent more than $200 million trying to prevent Democratic candidate James Talarico from winning in Texas, but was unsuccessful. Spending by the cryptocurrency, artificial intelligence and online betting industries exceeded $377 million. Meanwhile, 69% of respondents to an election-day poll said the wealthy benefit from the system. The results strengthened Democrats’ prospects of stepping up scrutiny of Trump’s policies during the final two years of his term.
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