Elon Musk, the world’s richest man and a major benefactor to President Donald Trump in last year’s election, said Tuesday that he will do “a lot less” political spending moving forward.
Speaking with Bloomberg at the Qatar Economic Forum, Musk, who spent more than a quarter of a billion dollars on a super PAC set up last year to primarily help Trump, sounded ambivalent about making such commitments in the cycles to come.
“I think in terms of political spending, I’m going to do a lot less in the future,” Musk said, adding, “I think I’ve done enough.”
Asked if he would take a step back because of the blowback he and his companies, including Tesla, xAI and SpaceX, have faced in light of his political activities, Musk said, “Well, if I see a reason to do political spending in the future, I will do it.”
“I don’t currently see a reason,” he continued.
A Musk adviser, who requested anonymity to speak candidly, said they believed Musk would still have plenty of influence.
“Musk scaling back his public profile does not diminish his influence. I think it can actually sharpen it,” this person said. “He can still quietly fund stuff and support stuff he believes in, causes he believes in, but does not create unnecessary noise. These midterms will be about message discipline and a focus on the economy, not fights on X.”
Musk emerged last year as Trump’s most prominent megadonor as the campaign reached its closing stage — ultimately donating more than $250 million to elect the president — and the billionaire repeatedly shared a stage with Trump, speaking at large rallies.
Musk would go on to serve as a right-hand man early in Trump’s second presidency, becoming the face of the newly minted Department of Government Efficiency, which has raided multiple federal agencies and sought to push thousands of federal workers out of their jobs. Musk has also said he is taking a step back from the effort.
Recently, Musk invested heavily in a Wisconsin state Supreme Court race, backing the conservative who ultimately lost the April election.