Elon Musk, the richest person in the world and a key financial supporter of US President Donald Trump, said Tuesday that he’ll be spending “a lot less” on political campaigns, a reversal that could be a setback for Republicans ahead of next year’s midterm elections.
Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It speaks to his possible disenchantment with politics after his tumultuous tenure as Trump’s pick to lead the newly created Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending.
Musk has scaled back his government role to spend more time at his businesses, including Tesla, which have seen intense blowback.
“In terms of political spending I’m going to do a lot less in the future,” Musk said. Asked why, he responded that “I think I’ve done enough”.
Musk’s statement marks a reversal of the course he had set during the 2024 campaign – when he was among the very top political spenders – and immediately after.
Musk spent at least US$250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and funding door-to-door canvassing groups across the seven most-competitive states in the November presidential election.
