A new set of power brokers has emerged in government, creating winners and losers in companies, industries and policies.
In the 2026 U.S. midterm elections that ended on Tuesday, voters handed control of the House of Representatives and Senate to the Democrats. Voters also cast their ballots in gubernatorial races, state legislative races and ballot measures.
The results will help determine which projects receive funding, which companies face new regulations and which policies are hindered over the next two years.
From affordability candidates to megadonor Elon Musk, here are the winners and losers of the 2026 midterm elections.
Winner: Candidates who run on affordability
Hakeem Jeffries made affordability a key part of his campaign. Tom Williams/CQ-Roll Call, Inc via Getty Images
Democrats will control Congress, with majorities in both houses of Congress. The result was a surprisingly strong showing from Democrats, many of whom made affordability a centerpiece of their campaigns.
The cost of living is often a key issue for voters, and Americans are spending more at the pump than a year ago as the war in Iran drives up prices.
“We will work hard to lower the high costs of housing, groceries and gas,” Rep. Hakeem Jeffries, who is likely to become House speaker in January, said in a speech Tuesday night.
While many Republicans have also pushed for affordability policies, President Donald Trump acknowledged in a call with Fox News that midterm voters are unwilling to pay more for gas.
“I don’t think it’s a war, I think it’s gas prices,” Trump said.
Loser: Elon Musk
Musk is the largest individual donor revealed in the midterm elections. Brandon Bell/Getty Images
Musk has spent more than $400 million trying to keep Republicans in power. This is not enough.
He has poured cash into Republican-aligned groups this cycle, making him the largest individual donor disclosed in the midterm elections. His biggest bet is Ken Paxton’s Senate campaign in Texas, where Musk-backed groups have spent about $212 million. Regardless, Democratic Rep. James Talarico defeated Paxton, helping Democrats capture the Senate and weakening Musk’s efforts to maintain Republican control of the home of Tesla and SpaceX.
Musk has also used his social media platform X to promote Republican candidates, especially in Texas.
“The fate of Texas and America hangs in the balance,” he wrote on the X, endorsing Ken Paxton, the state’s Republican Senate candidate. Meanwhile, he called Paxton’s opponent, James Talarico, “a pain in the ass.”
Texas is also Musk’s personal political battleground.
Tesla moved its company headquarters to Austin in 2021, and both Tesla and SpaceX re-registered in Texas in 2024. SpaceX is currently headquartered in Starbase, Texas. He said he moved the companies to the Lone Star State to gain access to more favorable tax, land acquisition and corporate legal policies.
Losers: AI companies
The construction of data centers is a key task for the mid-term polls. Kelly Greenlee/Bloomberg via Getty Images
Artificial intelligence companies may face a tougher political environment.
Democrats are expected to use their new control of Congress to scrutinize the costs of the AI race: the electricity and water consumed by data centers, rising household electric bills and whether tech companies are delivering on enough of their promises for local jobs. That could mean more investigation and scrutiny of companies like Microsoft, Google, Amazon, Meta and the companies that build the data centers that support them.
But the results don’t necessarily mean a blow to artificial intelligence. A president who supports the development of AI and supports AI infrastructure can veto major legislation. The two parties have also reached consensus on artificial intelligence in terms of national security, competition with China and economic growth.
Losers: Stock Market
U.S. stock futures fell after a Democratic sweep earlier Wednesday. Michael Nagel/Bloomberg/Getty Images
Investors are not keen on the “storm” sweeping the election results.
U.S. stock index futures fell after the Democratic victory, with S&P 500 futures down about 1% in early trading and Nasdaq 100 futures down nearly 2%. The U.S. dollar also weakened sharply against most major currencies as investors braced for a strong Democratic showing.
Artificial intelligence-related stocks were among the hardest hit as investors weighed the possibility that Democratic control would mean tighter regulation of big tech companies and their data center spending.
Losers: Those counting on Trump to write $5,000 checks
Those waiting for Trump’s proposed $5,000 “dividend” may have to wait.
Trump’s pledge was conditional on Republicans maintaining control of the House and Senate, an outcome voters rejected.
Even if Trump revives the idea, he would need Congress to authorize and fund it because the president cannot unilaterally spend more than $1 trillion nationwide. Democratic control makes this even less likely.