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.
Musk revealed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It could be a setback for Republicans before next year’s midterm elections.
Asked about his plans for future political spending, Musk replied, “I’m going to do a lot less in the future.” Asked why, he responded, “I think I’ve done enough.”
He added, “If I see a reason to do political spending in the future, I will do it.”
The decision also speaks to his possible disenchantment with politics after his tumultuous experience with the Department of Government Efficiency (DOGE), which has fallen far short of its goals for reducing federal spending. Musk has previously claimed DOGE would save as much as $2 trillion, which would amount to roughly 30% of what the federal government spent last fiscal year. More recently Musk has drastically scaled back his goals, touting $150 billion in DOGE savings as of last month.
Musk spent at least $250 million supporting Trump in the presidential campaign, and even held some of his own campaign rallies. He also got involved in a Wisconsin Supreme Court race this year, although his preferred candidate lost.
