Business leaders react as a 'blunami' sweeps America on Election Night

The 2026 midterm results have started to roll in. Saul LOEB / AFP via Getty Images The 2026 midterm elections delivered shocking wins for Democrats on Tuesday evening, reshaping the balance of power in Washington.Democrats picked up key Senate seats, including James Talarico's win in Texas and Sherrod Brown's win in Ohio, and are now projected to control the chamber. Talarico became the first Democrat elected to the US Senate in Texas in decades, and SpaceX CEO Elon Musk spent over $150 million supporting the race's Republican candidate, Texas Attorney General Ken PaxtonBusiness leaders, tech executives, and investors are now assessing what the new political landscape could mean for their industries.In California, the results of the nation's first-ever ballot measure to impose a one-time 5% wealth tax on residents with net worth exceeding $1 billion could have major implications for the state's elite. Results of that vote were not yet in as of 11:30 p.m. ET.And some of the tech and business leaders who sought closer ties with President Donald Trump ahead of his return to the White House could soon face new congressional scrutiny.Here's how powerbrokers in business and tech reacted to the early midterms results in the aftermath of the polls closing across the country:Reid Hoffman, LinkedIn cofounder Reid Hoffman is a Democratic megadonor. JP Yim/Getty Images for Clinton Global Initiative Reid Hoffman, the cofounder of LinkedIn and a Democratic megadonor, reacted to the party's big wins in a post on X Tuesday evening."Voters made clear they demand a different kind of country. Americans want an economy that can compete globally and deliver for them at home. And they made clear that they want leaders they can trust to fight for their constituents," he wrote."This night blew the doors off our expectations. From Texas to Ohio, Kentucky to Iowa, and South Carolina to Indiana, voters rejected the status quo. Tonight's lesson: Never discount any voter in any place," he continued. Hoffman has been active in politics and vocal about his support for Democrats, spending tens of millions this election cycle. He also spent millions to support Kamala Harris's campaign in 2024.Hoffman has previously said the Democratic Party had alienated Silicon Valley and was partly to blame for its shift to the right.Brad Gerstner, Altimeter Capital CEO Brad Gerstner is the architect of "Trump Accounts." Bloomberg/Getty Images Brad Gerstner, CEO of Altimeter Capital, had thoughts on how data center buildout in the US would be affected by the elections.In a guest appearance on the All-In podcast livestream Tuesday evening, Gerstner said fears that a "blue tsunami" could make it difficult to build new data centers are "overblown."But he said that election results could slow down the development of the centers, and candidates like Gina Hinojosa, the Democrat who won the Texas gubernatorial race Tuesday, could "issue a moratorium on new data centers." He said this could be "really challenging for the AI infratrade."Gerstner also said that Republicans and the AI community have "struggled with the messaging" over AI as the affordability crisis has weighed on Americans' minds.The investor is the architect of "Trump Accounts," the investment vehicle for children in the country that launched in July.Dylan Patel, SemiAnalysis CEO Dylan Patel, founder of SemiAnalysis, speaks during the Raise summit in Paris, France, on Tuesday, July 8, 2025. The annual conference gathers global leaders and key speakers in tech and AI. Photographer: Nathan Laine/Bloomberg via Getty Images Nathan Laine/Bloomberg via Getty Images Dylan Patel, CEO of SemiAnalysis, hinted at what he believes a blue wave could mean for the AI buildout."I am now bullish space datacenters," Patel said in a post on X alongside a screenshot of results out of Texas that showed Hinojosa with an early lead over incumbent Republican Gov. Greg Abbott.Ahead of the midterms, some in tech expressed concern that Democratic wins would mean additional scrutiny on data centers, which have faced fierce opposition in communities across the US. Read next Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Natalie is a senior reporter on Business Insider's Business News team covering the AI and data center boom.She was previously on BI's Legal Affairs team, where she handled major cases coming out of state and federal court, as well as bankruptcy. Her coverage often focused on stories at the intersection of law, business, politics, and technology. Natalie has covered Donald Trump’s criminal and civil cases, the wave of lawsuits against the second Trump administration, the indictment and criminal trial of Sean “Diddy” Combs, the shooting death of UnitedHealthcare CEO Brian Thompson, and the legal battles facing Elon Musk and his companies. Natalie came to Business Insider in June 2021 as a breaking news reporter, focusing on the most interesting angles on the day's trending news. Natalie largely drove BI’s coverage around the fatal “Rust” shooting involving Alec Baldwin and the disappearance and murder of Gabby Petito.Prior to joining BI, Natalie worked for the New York Post, the New York Daily News, and The Brooklyn Paper. She has an extensive background covering crime and courts. During her more than 12-year journalism career, she did a stint covering the police beat out of the New York Police Department's headquarters. Natalie, a Brooklyn native, graduated from Brooklyn College in 2012 with a degree in journalism. Kelsey Vlamis is a senior reporter for Business Insider, where she covers business and tech news. She also writes business stories about travel, luxury, and culture. Previously, she covered the environment, outdoors, and indigenous issues.Her feature story "Disaster at 18,200 feet" received awards from the New York Press Club and the North American Travel Journalists Association, as well as honorable mention from the Society of American Travel Writers. She has also received an American Journalism Online Award for her coverage on missing and murdered Indigenous people in Wyoming.She's appeared on CBS, NPR, NBC, and other outlets to discuss her reporting. She previously worked on the world news desk at the BBC in London and received a master's in journalism from Northwestern University.She can be reached by email at kvlamis@businessinsider.com or via the encrypted-messaging app Signal at kelseyv.21. Aditi is a news reporter at Business Insider’s Singapore bureau. She covers hustle culture and the future of work, focusing on how AI and technology are reshaping jobs, careers, and workplaces.She previously worked for The Straits Times, where she wrote breaking news stories for the Singapore desk. She studied communications and business at Nanyang Technological University. Politics Business Tech More