The billionaire entrepreneur says he may return if needed and that he’ll remain Tesla CEO for at least five more years.
Elon Musk has signaled plans to scale back his political involvement, telling attendees at Bloomberg’s Qatar Economic Forum on May 20 that he intends to sharply reduce his political spending—though he left the door open to future contributions if he deems the cause compelling.
Musk, who poured nearly $300 million into supporting President Donald Trump’s 2024 campaign and those of other Republican candidates, said he would “do a lot less” political spending in the future. When asked why, he replied: “I think I’ve done enough.”
While leaving open the possibility of future contributions, Musk dismissed the suggestion that his retreat was prompted by what the moderator said was “blowback” over his leadership role in the Trump administration’s Department of Government Efficiency (DOGE). The non-Cabinet-level agency has conducted audits that have driven sweeping cuts across the federal bureaucracy and sparked a wave of protests.
“If I see a reason to do political spending in the future, I will do it,” Musk said. “I do not currently see a reason.”
Musk also reaffirmed his commitment to remain Tesla’s CEO for at least another five years, quipping that the only way he’d step down is “if I’m dead.”
In the 2024 election cycle, Musk emerged as one of the Republican Party’s most influential donors, channeling hundreds of millions of dollars into super PACs that funded battleground field operations and media efforts amplifying Trump’s message.
He also spent over $20 million earlier this year to support the conservative candidate in Wisconsin’s Supreme Court race—a contest that ultimately became the most expensive judicial election in U.S. history. Despite Musk’s infusion, the liberal candidate won.
Musk’s retreat from the political spotlight could change how Republicans raise funds ahead of the 2026 congressional elections.
“Could it have an impact? Maybe, but it may not because there are lots of other places to raise money,” Ron Bonjean, a veteran Republican strategist in Washington, told Reuters. “Musk made it easier. But now that Trump is president, he’s the fundraiser in chief.”
By Tom Ozimek
