Elon Musk says he'll do 'a lot less' political spending going forward

Elon Musk, who gave over $250 million to support Donald Trump, says he'll do 'a lot less' political spending, citing no current reason to continue major donations

Elon Musk, the world’s richest man and a key supporter of US President Donald Trump during the last US election, has announced he plans to reduce his political spending moving forward.

 

Speaking at the Qatar Economic Forum in an interview with Bloomberg, Musk said he intends to take a step back after committing over $250 million to a super PAC last year, primarily aimed at helping Trump’s re-election campaign.

 

“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," he said.

 

When asked if the decision was influenced by backlash against him and his companies — including Tesla, SpaceX, and xAI — Musk replied, “Well, if I see a reason to do political spending in the future, I will do it. I don’t currently see a reason.”

 

 

An adviser close to Musk told NBC News said that while Musk may be reducing his public political activities, his behind-the-scenes influence will remain strong.

 

“Musk scaling back his public profile does not diminish his influence. I think it can actually sharpen it,” the adviser said.

 

“He can still quietly fund stuff and support causes he believes in, without creating unnecessary noise. These midterms will be about message discipline and a focus on the economy, not fights on X,” he said.

 

From megadonor to political insider

 

Musk’s political involvement escalated during the final stretch of the last presidential election, where he became one of Trump’s most prominent megadonors, sharing stages at large rallies and aligning himself closely with the campaign’s messaging. His contributions to the Trump-aligned super PAC exceeded $250 million.

 

After Trump’s re-election, Musk was tapped to lead the newly created Department of Government Efficiency (DOGE), a federal body tasked with streamlining bureaucracy. Under Musk’s leadership, the department launched audits and personnel cuts across several agencies. However, Musk has since signalled he is stepping back from this role as well. 

 

Recent political investments

 

Musk continued his political activity into this year, including a significant investment in Wisconsin’s state Supreme Court race, where he supported a conservative candidate who ultimately lost in the April election.

 

Despite these efforts, Musk appears ready to shift gears. As the US heads into another election cycle, the billionaire's reduced visibility may mark a strategic pause rather than a permanent exit from political influence.

 

“I’ll act if I see a reason,” Musk said. “Right now, I don’t.”

 

Musk slams Bill Gates over Epstein ties and USAID remarks

 

In a separate interaction at the Qatar Economic Forum, Musk slammed Microsoft co-founder Bill Gates over his comments on USAID, the agency shut down under Musk’s DOGE.

 

Gates had claimed Musk’s actions would hurt global aid efforts, especially for vulnerable children, stating, “The picture of the world’s richest man killing the world’s poorest children is not a pretty one.”

 

Responding to the remark, Musk said, “Bill Gates is a huge liar.”

 

“Who does Bill Gates think he is to make comments about the welfare of children, given that he was very close with Jeffrey Epstein... I wouldn’t want that guy to babysit my kid,” Musk added.

 

When the forum moderator pointed out that Gates had previously apologised for his association with Epstein and asked Musk whether he had verified Gates' concerns, Musk said, “Yes, I checked. There is no such concern.”

 

Remaining at Tesla, stepping back from politics

 

While stepping away from political spending, Musk confirmed that he will continue to lead Tesla and intends to remain CEO for at least the next five years.

 

“There is no doubt I’ll still be CEO in five years — unless I’m dead,” he said.

 

Explaining his decision to withdraw from active political engagement, Musk said, “I'm not someone who has ever committed violence, and yet massive violence was committed against my companies. Massive violence was threatened against me.”  [With inputs from Bloomberg]