Elon Musk has announced that he will be doing a lot less political spending going forward. “I think I’ve done enough,” Musk said. Tesla’s CEO, Elon Musk, has been an influential political donor in recent years. However, the tech giant is saying that he plans to back away from political spending. Elon Musk is taking a step back from the spotlight Elon Musk, speaking at the Qatar Economic Forum on Tuesday, told Bloomberg that he plans to drastically reduce his political spending going forward. “I think in terms of political spending, I’m going to do a lot less in the future,” Musk said. “I think I’ve done enough.” In recent years, Elon Musk has shown fervent political interest and engaged with it often. During the campaign period of the 2024 U.S. presidential election, Musk stepped up as a financial powerhouse for Donald Trump’s campaign, investing over $250M into a super PAC designed to position Trump for reelection. Aside from financial support, Musk was also often present at rallies, and he appeared on stage multiple times. The Tesla CEO also assumed a formal advisory role for Trump and led the Department of Government Efficiency (DOGE). Earlier this year, Musk heavily funded a conservative candidate in a Wisconsin state Supreme Court race , although the race ultimately ended in defeat for the candidate he backed. When asked whether the criticism of his political involvement and its potential impact on his companies played a role in his decision, Musk answered: “Well, if I see a reason to do political spending in the future, I will do it. I don’t currently see a reason.” A close adviser, who only agreed to comment on the condition that they would be kept anonymous, said that a lower public profile could actually increase Musk’s effectiveness behind the scenes. “Musk scaling back his public profile does not diminish his influence. I think it can actually sharpen it,” the adviser stated . “He can still quietly fund stuff and support 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 made noise with his previous contributions Elon Musk’s political donations and affiliations have always been a cause of some concern, especially as they increasingly align with far-right causes and candidates. Through his $250M contribution to Trump’s reelection campaign, Musk won a spot in the upper echelon of Republican megadonors, joining names like the Koch brothers and Sheldon Adelson. His political alignment however has not saved his companies, including Tesla and SpaceX, from dealing with public scrutiny, boycotts, and resistance from progressive consumer bases. Some analysts speculate that following his step back from influencing politics with his wealth, Musk may try to influence politics indirectly through the media. “He doesn’t need to write a $250 million check to be effective,” a political strategist familiar with super PAC operations said. “He has a direct line to millions of followers. Every post he makes is worth millions in coverage and influence.” Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
