These 6 executives have a lot on the line in midterm elections
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With Democrats heavily favored to regain control of the Senate and the House in the midterm Tuesday night, some of America's most powerful executives have a lot riding on the outcome.
Why it matters: A change of control on Capitol Hill could bring renewed political scrutiny and an uncertain regulatory landscape for leaders across industries from AI to crypto.
Zoom in: These six executives in particular have a lot on the line:
1. Elon Musk: The SpaceX and Tesla CEO has spent a fortune to help elect Republicans. The world's richest person could face a political backlash if they lose big.
- Democrats have already called for investigations over his role at the Department of Government Efficiency, and any renewed scrutiny over his SpaceX deals with the U.S. government or his handling of self-driving vehicles at Tesla could undermine his momentum.
2. Jensen Huang: The Nvidia CEO has become a close Trump ally as he seeks to help shape America's AI policy, including preserving Nvidia's right to sell chips to China.
- But in a potential preview of what could come, Sen. Elizabeth Warren has criticized Huang's "backroom" association with the president.
3 and 4. Sam Altman and Dario Amodei: As the heads of OpenAI and Anthropic, the rival AI titans face similar political risks: If the new Congress takes a more adversarial approach to AI and data centers, it could throttle their path to growth.
5. Brian Armstrong: The Coinbase CEO gambled in January by withdrawing his support for the Clarity Act, pushing for changes in crypto's long-sought regulatory framework bill which then stalled in the Senate.
- If Democrats take control of Congress, reviving the legislation could become even more difficult.
6. Mark Zuckerberg: The Meta CEO could owe billions to the state of California if voters there pass a new 5% wealth tax on billionaires.
- He recently agreed not to move to avoid the tax, but only did so after the Meta board agreed to allow him to sell a new class of nonvoting shares without diluting his control of the company.
- More broadly, Zuckerberg has worked to build a warm relationship with Trump, which has helped Meta navigate regulatory scrutiny of AI. Now the company's working to deepen its relationships with Democrats.
🥊 Reality check: With President Trump still in the White House, his business allies retain something of a shield.
- "President Donald Trump has relied heavily on executive authority, with some of his most market-disruptive policies, including tariffs and military action against Iran, pursued largely without congressional approval," writes Ed Yardeni of Yardeni Research.
- "A Democratic-controlled Congress may therefore do little to restrain him."
