Elon Musk, the world’s richest man and one of Donald Trump’s most prominent financial backers, said Tuesday he will “do a lot less” political spending — a move that could reshape Republican fundraising ahead of the 2026 midterm elections.
“In terms of political spending, I’m going to do a lot less in the future,” Musk said during a video conference at the Bloomberg Economic Forum in Doha. “I think I’ve done enough.”
Musk’s remarks signal a shift in priorities as investor scrutiny over his political involvement grows and Tesla faces mounting pressure from falling sales and stock value. Musk added that he is now committed to staying on as CEO of Tesla for the next five years.
The announcement comes after Musk reportedly spent at least USD 250 million in 2024 to support Trump’s presidential campaign and allied Republican causes, including more than $21 million on a failed Wisconsin Supreme Court race earlier this year. His primary vehicle for campaign spending, America PAC, had been a powerhouse across battleground states, funding everything from TV ads to grassroots canvassing.
Musk relished in the publicity, campaigning alongside Trump at times and headlining some of his campaign rallies on the GOP nominee’s behalf.
While Musk was once seen rallying crowds alongside Trump and vowing to enforce his agenda in upcoming elections, his tone has shifted.
“I think I’ve done enough,” he repeated when asked why he was pulling back.
His comments also reflect a growing disenchantment with politics after his tenure as Trump’s pick to lead the newly created Department of Government Efficiency, which has so far failed to deliver on its promises of deep cuts in federal spending.
Critics say Musk’s overt political role — amplified by his ownership of social media platform X — has damaged Tesla’s brand, particularly among left-leaning consumers, contributing to its Q1 profit slump and consumer backlash.
With inputs from agencies
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