Elon Musk claims he will step back from political donations in near future

Elon Musk claimed on Tuesday that he would decrease the amount of money he spends on politics for the foreseeable future. If true, the reduction would represent a significant turnaround after the world’s richest person positioned himself as the US Republican party’s most enthusiastic donor over the last year.

“I think, in terms of political spending, I’m going to do a lot less in the future,” Musk said during a video interview with Bloomberg News at the Qatar Economic Forum.

Bloomberg’s Mishal Husain asked the Tesla CEO if he had decided how much to spend on midterm elections, which elicited Musk’s response. When asked why he was pulling back, Musk said flatly: “I think I’ve done enough” – drawing laughs from the audience, although it was unclear if he was joking.

The CEO of SpaceX spent almost $300m last year in support of Donald Trump, and his America Pac political organization was expected to be an influential backer of Republican candidates in 2026 elections. Musk’s political donations and prominent role in the Trump administration as creator of the so-called “department of government efficiency” (Doge) have also caused international backlash, however, hurting both his popularity and sales of Tesla vehicles.

When Husain asked in a followup if the blowback to his politics was the reason Musk was leaning away from political contributions, Musk evaded the question while suggesting that he could change his mind.

“If I see a reason to do political spending in the future, I will do it. I do not currently see a reason,” Musk said.

Musk was a prolific donor during Trump’s re-election campaign, funding pro-Trump groups as well as sweepstakes that awarded pre-selected voters $1m checks in a test of campaign finance law. Musk additionally poured $25m into a Wisconsin supreme court election earlier this year, but his contributions in that race also became a liability as Democrats capitalized on his unpopularity and highlighted his outside influence during the campaign.

After the Wisconsin race, in which Musk’s candidate lost handily, some Republicans began to wonder how to balance their desire for the billionaire’s wealth with the public’s aversion to him. Musk had previously appeared intent on remaining active in using his immense resources to swing elections, with the Wall Street Journal reporting that his top political strategist spoke with a Nevada consultant in March to discuss an upcoming race in that state.

The interview in Qatar, which included a number of testy exchanges and Musk attacking critical media outlets, lasted around 40 minutes. Musk claimed that he would lead Tesla for at least another five years and took time to bash the Wall Street Journal, which recently reported the automaker’s board at one point opened a search to replace Musk as CEO. Musk additionally lashed out at fellow tech billionaire Bill Gates, saying he “frequented Jeffery Epstein”, and disputed that his Doge cuts to international aid risked harming children’s health, as Gates had asserted in a recent interview.

Although Musk said that he plans to have dinner with Trump this week, he has recently pivoted away from living full-time in Washington DC and told investors that he plans to spend more time managing his companies such as Tesla.