Story of the Week (DR):
Election day MM DR
The DEI Comeback? Overall Congress (119th ➔ 120th Projected)
Total Women: 28.4% (152 members) ➔ 30.0%+ (155+ members)
Total Democratic Women: 43% (111 members) ➔ >47% (117 to 130+ members)
Total Republican Women: 15% (41 members) ➔ ~11% (24 to 28 members)
Total Non-White Voting Members: 26% (139 members) ➔ ~26% (~135 to 140 members)
Total Non-White Democrats: 45% (~118 members) ➔ ~48%–50% (~120 to 125 members)
Total Non-White Republicans: 8% (22 members) ➔ ~6%–7% (~14 to 17 members)
The leadership in diversity firsts
David Crowley (Wisconsin – Democrat): The state's first Black governor.
Peggy Flanagan (Minnesota – Democrat): First Native American woman elected to the US Senate.
Abdul El-Sayed (Michigan – Democrat): First Muslim elected to the US Senate.
Hakeem Jeffries (New York – Democrat): Set to become the first Black Speaker of the House of Representatives in US history.
Byron Donalds (Florida – Republican): The state's first Black governor.
Keisha Lance Bottoms (Georgia – Democrat): First Black woman elected governor in US history.
Marsha Blackburn (Tennessee – Republican): The state's first female governor.
Gina Hinojosa (Texas – Democrat): The state's first Latina governor.
Deb Haaland (New Mexico – Democrat): First Native American woman elected governor in US history.
Xavier Becerra (California – Democrat): First Latino elected governor in California history.
Amy Klobuchar (Democrat – Minnesota): Won the Minnesota governorship to become the state’s first female governor
Amy Acton (Democrat – Ohio): Elected the first woman governor of Ohio
Peggy Flanagan (Democrat – Minnesota): Elected to the U.S. Senate becoming the first Native American woman elected to the chamber
The who?
The Costco Board Member and Other M.B.A.s Who Won in the Midterms
The most notable was Helena Buonanno Foulkes, a Costco board member and former retail CEO, who won her race to become the next governor of Rhode Island.
.560, 9% influence, Skillsoft board, has Merit, limited deference, .664 carbon, .610 controversies
The Blue Tsunami Swept Doctors and Scientists Into Office
Dr. Annie Andrews: Pediatrician (Incoming U.S. Senator for South Carolina). She has an extensive background in researching childhood asthma and the impact of gun violence on children
Dr. Abdul El-Sayed: Epidemiologist (Incoming U.S. Senator for Michigan)
Dr. Adam Hamawy: Plastic and Reconstructive Surgeon (Elected to the U.S. House for New Jersey's 12th District). He is also an Army veteran who has served on humanitarian medical missions
Dr. Richard Pan: Pediatrician (Elected to the U.S. House for California's 6th District). He previously served as a state senator and is well known for his advocacy in public health and vaccine policy
Dr. Amy Acton: Public Health Practitioner and Physician (Elected Governor of Ohio). She previously served as the state's health director during the early days of the COVID-19 pandemic
The data centers
AI data centers also lost big in the 2026 midterm elections
Voters overwhelmingly chose to ban or pause local data center development across 38 out of 41 ballot measures. (The other three measures aren’t yet reporting results, according to Ballotpedia.)
OpenAI pledges to halt NDAs in new data center policy proposal after election rebuke
Elon Musk Eyes Space Data Centers as Texas Election Freeze Stalls AI Expansion
Tech giants turn to cash, concessions for AI rebrand after voters pummeled data centers 43-1
The lone measure favoring data-center development was in Harwood, North Dakota. Voters rejected a proposed requirement for additional review of certain industrial developments, including data centers—so it counted as a vote to allow construction. It received 75.6% support. It was about data centers, but not exclusively. The Harwood measure would have added review requirements for certain large or high-impact industrial developments, including data centers. Voters rejected those added requirements; that’s why the tally classified Harwood as the one vote to “allow” data-center development. The measure wasn’t a direct vote approving a data center project.
OpenAI will keep investing in AI data centers despite election results, CFO tells CNBC
The CEOs
Elon Musk's Texas-sized midterms failure
Elon Musk was the 2026 midterms' largest donor: at least $446 million ahead of the midterms.
Musk chose to make his biggest play in Texas, his adopted home state and the headquarters of Tesla and SpaceX. Both his targets won handily: James Talarico and Gina Hinojosa
Elon Musk's 'vote red' post vanished after Election Day
CEOs need a new playbook after a midterm rebuke of Trump
On the economic front, it’s clear that policymakers need to now prioritize addressing the cost of living, from grocery and gas costs to housing and health care, not to mention that debt. The debate around AI and data centers is likely to become more intense.
But gone are the days when wooing Trump was sufficient to get things done. Now, funding ballrooms, bearing gifts, and pouring praise on this president may be a liability. Now, the challenge is to turn a protest vote into good policy.
What CEOs should actually take away from the Democrats’ midterm sweep
Astute business leaders have long understood the need to stay neutral amid demands for political loyalty and largesse because no party lasts forever. One communications leader said they’re telling clients to “start talking about 530A accounts,” as Trump Accounts are also known. Another said their health care client is “breathing easier” in the hope that insurance subsidies might be restored. But the election also revealed the depth of concern around issues that business has to deal with head-on.
When it comes to the affordability questions, CEOs need to examine real wages, which have largely stagnated in recent months as prices have climbed. They might want to take a cue from Jason Buechel, CEO of Whole Foods and vice president of Amazon Worldwide Grocery Stores, who recently made a $230 million pledge to offer higher pay, benefits, and college perks to more than 100,000 Whole Foods workers.
Executives need a point of view
There was a time when executives could hide behind a brand. Not anymore. Today, people want to know the humans behind the companies they buy from, work for, and invest in. They also expect them to sound like people, not talking points with the life edited out of them.
That expectation has made executive visibility a major part of the job. Leaders who speak credibly in public build trust and create awareness, while giving people another way to understand the companies they represent.
The anti-woke political theater
Texas election puts Democrats in charge of anti-ESG laws
Kraft Cinnamon Roll Mac and Cheese Gets Roasted Over Bizarre New Flavour: The holiday-season release combines Kraft's creamy cheese sauce and pasta with warm cinnamon spices and is available for a limited time
Google Announces It’s Shutting Off Search Engine Access for Schools That Ban AI
Google stated that because AI Overviews and AI Mode are now deeply integrated into core Search, they cannot be unbundled. Consequently, if a K-12 school district opted to ban all AI tools on student accounts, Google would shut off access to its search engine entirely.
Lawmakers, educators, and parent advocacy groups accused Google of holding basic educational tools hostage and using its monopoly power to force schools into accepting AI against their policies.
Facing public pressure, Google clarified its stance. While Search and standalone AI tools (like Gemini) will be turned off by default for student accounts until administrators opt in, schools can enable Search individually. However: “We are also updating Search for schools to make it better for learning,” Google wrote. “Specifically, AI Mode and AI Overviews will offer step-by-step guided learning through problems, so that students don’t get quick answers to schoolwork.”
Story of the Week (MM):
Election market ripple
Wall Street Gets $2.5 Trillion AI Reality Check With Historic Rout of Tech Stocks
Obvious:
Truth Social Stock Crashes to All-Time Low After MAGA’s Massive Defeat
Investors are dumping Tesla and SpaceX stock after the blue wave election
Elon Musk Deletes Smug Election Posts After They Backfire and His Businesses Tank by $120 Billion
The blue wave is hammering data-center stocks on the prospect of more scrutiny
Could have guessed:
Clean Energy Surging Around the World in the Wake of Republican’s Midterm Collapse
Less obvious
Texas election puts Democrats in charge of anti-ESG laws
Do bond underwriters who were banned get un-banned?
Trump’s EPA Will Abandon Efforts to Limit Air Pollution From Factory Farms
Do the factory farms actually change now?
The Texas-size Political Tremor Rattling Big Business
57 companies in the Fortune 500 that have headquarters in Texas
Twenty-two companies from Delaware have reincorporated in Texas so far this year
Hinojosa will appoint judges to the business court and members of the commissions that oversee the state’s power grid, electrical utilities and environmental regulation.
Meta says automation wrongly took down No Kings and a Senate candidate’s page. It’s automating more anyway
Direct action against Meta coming?
Nvidia CEO Jensen Huang summoned by Congress over Chinese espionage concerns
OpenAI IPO?
‘Meanwhile, OpenAI’s CEO, Sam Altman, himself seen at Mar-a-Lago, appears in damage control mode on Tuesday. His tweet on Tuesday night read like a Bernie Sanders talking point: “People should not cede control of the future to superintelligence, and that requirement should ultimately constrain AI progress.”’
For 2028
Google, Meta and TikTok Sue To Block California Law Restricting Addictive Social Media Features for Kids
Re-de-unwokifying
Greenwashes
Corporations Are Pretending to Reform Themselves
CVS splitting in name only to avoid regulatory changes post election
OpenAI pledges to halt NDAs in new data center policy proposal after election rebuke
De-bro-ing
Airbnb CEO Brian Chesky says ‘founder mode’ cost him almost his entire executive team: ‘They left or they didn’t want to work for me’
No more Cybertrucks; Musk moves on from the angular metallic flop
Re-Governancing-Glass-Cliff-Democrats
‘Dead on Arrival': Elizabeth Warren To Chair Senate Banking Committee, Targeting Trump's $1.4B Crypto
Corporate America courted Trump. Now a blitz of investigations is coming
Democratic Control May Trigger AI Probes, CEO Summons
Headliniest/Blowhardiest/Quizziest/Assholiest/Goodliest (Flex1 DR):
Elizabeth Warren’s Power in New Senate Is a Wall Street Nightmare: The Massachusetts Democrat is expected to head the powerful Senate Banking Committee. Some possible fun targets:
Trump-tied crypto ventures and federal approvals (such as regulatory oversight and bank charters granted to platforms like World Liberty Financial)
Steering federal and taxpayer resources to Trump-connected private enterprises
Selective tariff exemptions and antitrust approvals granted to favored corporate donors and political allies
Corporate settlement agreements and IRS concessions involving business entities connected to the administration
Foreign financial flows and real estate transactions that risk consumer market integrity and national security
Headliniest/Blowhardiest/Quizziest/Assholiest/Goodliest (Flex1 MM):
Texas oil industry becoming 'Californicated' could have 'dire consequences' for economy, energy boss warns - US Oil & Gas Association
Number of people on the board?
33
Number of women on the board of directors?
1
Number of people with glasses?
5
Number of Hispanic sounding names?
2
Pick the name that I made up and isn’t a real name of a person on the board:
Bill
Francisco
Matt
Corbin
Thurmon
Dudley
3M agreed to pay up to $7.35 billion to settle 'forever chemical' injury claims
Is $7.35bn enough?
No. Stock Repurchase Plan Announced by 3M (NYSE:MMM) Board of Directors ($6bn)
Headliniest/Blowhardiest/Quizziest/Assholiest/Goodliest (Flex2 DR):
Martha Stewart Apologizes for Homeless Halloween Costume
She wore ripped jeans, a torn sweater and a dirtied face. She held up a clipboard that read, “I Am Hungry Help Me!!” In the caption, she pointed her followers to her branded candle collection on the shopping network QVC, calling them “perfect for Halloween!!!”
Her first statement: Stewart said she felt “distressed” by the response. She added that the costume had been “intended to bring more awareness to the very serious subject of homelessness” and noted that she had long donated to and supported charities that focused on the issue. For example, a representative said on Sunday in an email to The New York Times that last week, Stewart donated to God’s Love We Deliver, a nonprofit organization in New York that provides meals to those living with illness and homelessness.
Second try: “My earlier statement didn’t go far enough. I know many people are suffering economically. Wearing a costume like I did was insensitive and not funny. I am very sorry.”
No mention of felony conviction for insider trading
Headliniest/Blowhardiest/Quizziest/Assholiest/Goodliest (Flex2 MM):
Wendy's rejects $1.4 billion takeover proposal from Nelson Peltz’s Trian
Wendy’s put together an independent committee of directors not associated with Wendy’s OR Trian
Arthur Winkleblack
Winkleblack is also on the Church & Dwight board since 2008 where the SEC found the company violated disclosure rules when James Craigie, ex CEO, did not disclose to the board his “close personal friendship” with another executive, and the board marked him as “independent”
Winkleblack was CFO at HJ Heinz from 2002 to 2013 - Peltz took an activist stake and board role at Heinz in 2006
Wendy Arilin - Ex L-Brands, Kohl’s board as Starboard takes interest
Michelle Caruso-Cabrera - ex-CNBC
Rick Gomez - CFO Target, MillerCoors
Michelle Mathews-Spradlin - ex MSFT
Peter Rothschild - finance guy, long time ago was at Drexel Burnham when they raised $4bn to help Peltz take over National Can
Three women, three men - one dude with at least a distant tie to Peltz and another on the board that was target of SEC investigation
Poison pill put in place for one year
How much must they hate Nelson Peltz to have been on the board with him, his son, his partner for a long time, he has a 24% stake in the company, and they still reject him?
Who Won the Week?
DR: All the firsts
MM: Mark Zuckerberg - California Proposition 40 Election Results: Billionaire Wealth Tax. 54.6% NO, 45.4% YES - and he STILL gets his Class C shares.
Predictions
DR: After J.D. Vance wins presidency in 2028, a homeless man is forced to apologize on the Today Show for dressing up like Elon Musk on Halloween:
He wore an Elon Musk costume: a black T-shirt and a sign written on a cardboard rocket that read, “I Have Too Much Money. Help Me Keep It!!” In the caption, he pointed followers to his branded line of luxury survival kits, calling them “perfect for Halloween!!!”
First statement: He said he felt “distressed” by the response. He added that the costume had been “intended to bring more awareness to the very serious subject of billionaire hardship” and noted that he had long supported charities focused on the issue. For example, a representative said he had recently donated several empty diet coke cans to a Palm Beach country club facing increased property taxes.
Second try: “My earlier statement didn’t go far enough. I know many people are struggling to hold on to their wealth. Wearing a costume like I did was insensitive and not funny. I am very sorry.”
MM: After the election, Mark Zuckerberg announces that John Oliver will join the board of Meta and they will be issuing a fourth class of shares called L Shares that will be distributed to liberal non-profits like Planned Parenthood, because they always believed in liberal causes. L Shares will have negative voting rights, and every share that votes will count as an extra vote for B share holders only.
