Elon Musk plans to cut political donations after spending nearly $300 million supporting Trump and Republicans last year.
Billionaire Elon Musk recently said he will significantly reduce his political donations soon.
“In terms of political spending, I’m going to do a lot less in the future,” he said.
Musk’s announcement comes after spending nearly $300 million backing Trump and Republicans in the 2024 elections.
Elon Musk plans to spend “a lot less” on political donations in future after major investments
Speaking at the Qatar Economic Forum, Musk explained that his future contributions to political campaigns would be far less than before.
When asked about his decision, the Tesla and SpaceX CEO simply stated, “I think I’ve done enough.”
This signals a shift in his approach to political engagement after making such a substantial impact last year.
Musk’s extensive donations in 2024 political landscape
In 2024, Musk spent nearly $290 million supporting Trump’s re-election and Republican congressional candidates.
He also invested over $20 million in the expensive Wisconsin Supreme Court race earlier this year, the priciest judicial contest in US history.
Despite spending heavily, Musk’s chosen candidate lost to a left-leaning rival in a recently Republican-flipped state.
Scaling back from government role amid criticism
Musk’s decision to reduce political spending coincides with his gradual withdrawal from active participation in the Department of Government Efficiency (DOGE), an agency he headed to streamline federal spending.
His role in DOGE drew criticism from Democrats who saw the spending cuts as harsh and harmful.
When asked if criticism influenced his decision to step back, Musk dismissed the suggestion.
He stated he would return to political donations only if he saw a compelling reason in the future. For now, he does not foresee such a need.
“If I see a reason to do political spending in the future, I will do it. I don’t currently see a reason,” he said.
Republicans advocate for a lower public profile
Reports suggest some Republican officials want Musk to adopt a lower-profile political role.
They prefer him to avoid being highly visible with President Trump and Vice President JD Vance.
Senator Jim Justice said Musk pushed boundaries too far and now needs to adjust his political role.
“We got too close to the fence. We mowed too far,” Sen. Jim Justice said. “And we just adjust. That’s the process that’s going on.”
Despite this, Justice praised Musk’s patriotism and acknowledged the positive contributions he made during his tenure with DOGE.
Public opinion shows divided views on Musk’s political role
Recent polling reflects mixed feelings about Musk’s effectiveness in politics.
According to a survey by ABC News, the Washington Post, and Ipsos, only 35% of Americans approved of Musk’s performance in the Trump administration, while 57% expressed disapproval.
This divide illustrates the challenges Musk faced in balancing his business reputation with his political ambitions.