Tech mogul Elon Musk is dialing down his political contributions, marking a major shift for the world’s richest man and one of the biggest financial backers of President Donald Trump.
Speaking via videoconference at a Bloomberg forum in Doha on Tuesday, Musk revealed he plans to scale back campaign spending, citing a growing sense of political fatigue.
“I’m going to do a lot less in the future,” he said. When pressed for a reason, Musk added, “I think I’ve done enough.”
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His announcement comes just months ahead of the 2026 midterm elections and could deal a blow to Republican efforts, particularly given Musk’s deep pockets and prior influence.
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His involvement in politics surged during Trump’s presidential run, where he poured at least $250 million into America PAC, an organization that helped fund advertisements and voter outreach in key battleground states. Musk also took center stage at several of his own pro-Trump rallies.
Musk’s political footprint extended beyond the presidential race. Earlier this year, he invested over $21 million into America PAC and its affiliated group, Rebuilding America’s Future, to support a conservative candidate in a high-stakes Wisconsin Supreme Court race. The effort, however, ended in defeat for the GOP-backed contender.
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His growing disengagement from politics also appears to reflect a recalibration of priorities. After a turbulent stint as head of the Department of Government Efficiency (DOGE)—a Trump-era initiative to slash federal spending, Musk has been facing mounting pressures from his core business.
In April, Tesla reported a staggering 71% drop in profits and a 9% revenue decline, triggering investor concern and prompting Musk to reaffirm his commitment to the company.
“The major work of establishing the Department of Government Efficiency is now completed,” Elon Musk told analysts during a recent earnings call. He noted that, beginning in May, his time spent on government affairs would be reduced to just one or two days per week so he could refocus on Tesla.
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