Why I will cut political spending – Elon Musk

Elon Musk, who spent nearly $300 million to support Donald Trump’s presidential campaign and other Republicans last year, said on Tuesday he plans to cut his political spending significantly.

“I’m going to do a lot less in the future,” Musk said at an economic forum in Qatar. “I think I’ve done enough.”

Musk also said he was committed to staying on as Tesla’s CEO for another five years, aiming to address concerns about balancing his role at the automaker with his involvement in the Trump administration, where he had overseen a massive cost-cutting effort across the federal bureaucracy.

His role as one of Trump’s most prominent backers – enhanced by his ownership of the social media site X – has prompted protests against Tesla, driving down its sales and stock price.

If Musk, the world’s richest person, follows through on his plan to scale back political spending, it could cost Trump and the Republican Party their biggest donor.

The billionaire did not fully close the door to spending on politics down the road, however.

“If I see a reason to do political spending in the future, I will do it,” Musk said.

Reuters