Elon Musk says he will cut back on political spending after heavily backing Trump in 2024

Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he'll be spending less on political campaigns.

His decision, which he disclosed via videoconference during a Bloomberg forum in Doha, Qatar, could be a setback for Republicans before next year's midterm elections. It also speaks to his possible disenchantment with politics after his tumultuous experience with the Department of Government Efficiency, which has fallen far short of its goals for reducing federal 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 spent at least $250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and contracting with door-to-door canvassing groups across the seven most-competitive states in the November presidential election. Musk even headlined some of his own campaign rallies.

And while he took credit for helping Trump return to the White House, Musk, through America PAC, became deeply involved in a Wisconsin Supreme Court campaign in March. Musk contributed more than $21 million to America PAC and a related group, Rebuilding America's Future, in support of the Republican-backed candidate, who lost the seat on the state's high court.