Tesla CEO Elon Musk
Credit: Reuters Photo
Elon Musk was the country’s biggest political donor in 2024. But he might be ready to give up the title.
Musk, the world’s richest person, said Tuesday he was planning to spend “a lot less” in future elections, the latest sign that he is fading into the background of American politics — at least for now.
“In terms of political spending, I’m going to do a lot less in the future,” Musk said as he appeared virtually for a combative interview with Bloomberg News at the Qatar Economic Forum. “I think I’ve done enough.”
He did keep the door open, however. Asked if his decision stemmed from any blowback he had faced for helping to guide the Trump administration, he said: “If I see a reason to do political spending in the future, I will do it. But I don’t currently see a reason.”
Musk disclosed over $290 million in federal spending on the 2024 election cycle, most of which went toward backing Donald Trump through a super political action committee he started. He has told Trump’s advisers that he planned to donate about $100 million to pro-Trump groups before the 2026 midterm elections.
In the months after Trump took office in January, Musk became a frequent presence in Washington as he steered an ambitious, controversial effort to sharply cut government spending. He has also remained a powerful player in Republican campaign finance. Along with an allied group, he spent roughly $25 million on a major Wisconsin Supreme Court race to back a conservative candidate who lost badly.
Lately, Musk has indicated a desire to turn back to his business empire. After a sharp drop in profit at his electric-car company, Tesla, he told Wall Street analysts last month that he planned to spend less time in Washington and more on his companies.
He did say Tuesday, however, that he planned to be in Washington on Wednesday and Thursday, including for a dinner with Trump.