'I’ve done enough': Elon Musk says he will cut back on political spending

Elon Musk announced on Tuesday that he plans to scale back his political donations going forward, saying he has no current plans to spend at the same level he did during the 2024 election cycle.

Speaking at the Qatar Economic Forum, the Tesla CEO was asked whether he would continue contributing heavily to political campaigns. "I think, in terms of political spending, I’m going to do a lot less in the future,” Musk said. When pressed, he explained, “I think I’ve done enough.”

“Well, if I see a reason to do political spending in the future, I will do it,” Musk continued, adding, “I do not currently see a reason.” He also addressed the violence that has been directed at Tesla as he has been working with the Trump administration.

Musk was President Donald Trump’s top campaign donor during the 2024 election, reportedly spending over $250 million to help secure Trump’s return to the White House. He also contributed more than $19 million in the final weeks of the campaign to support Republican efforts to retake control of the House and Senate.

His political action committee, America PAC, recently spent over $13 million backing a candidate in the Wisconsin Supreme Court race, a contest that ended in defeat for Musk’s preferred pick.

Since Trump’s return to office, Musk has played a visible role in the administration, leading the Department of Government Efficiency, which is tasked with cutting federal spending and eliminating waste. His prominence, however, has not come without backlash.

Musk’s companies have been hit because of dissenting public opinion. Tesla stock initially suffered a steep drop amid Musk’s political involvement, but has since rebounded. Tesla dealerships across the country have also been subject to a number of physical attacks, including vandalism and arson, because of extremists wanting to target his company's bottom line. 

On an April earnings call, Musk indicated his focus would return to his companies and that his role in the Department of Government Efficiency would “significantly” decrease.

An advisor to Musk told NBC News that despite pulling back from politics publicly, Musk will likely still wield influence behind the scenes.

“Musk scaling back his public profile does not diminish his influence. I think it can actually sharpen it,” the source said. “He can still quietly fund stuff and support stuff he believes in, causes he believes in, but does not create unnecessary noise. These midterms will be about message discipline and a focus on the economy, not fights on X.”