Elon Musk Says He’s Scaling Back Political Spending

Elon Musk spent a record amount of money in the 2024 election to help elect President Donald Trump.

Now he says he will retire.

"In terms of political spending, I'm going to do a lot less in the future," Musk told Bloomberg's Mishal Husain at the Qatar Economic Forum.

When asked why that was, Musk said he doesn't see any immediate need to spend, CNN reports, CE Report quotes Kosova Press.

"I think I've done enough," Musk said.

"Well, if I see a reason to do political spending in the future, I will. I don't see any reason right now."

After spending more than $290 million to help elect Trump and his preferred congressional candidates, Musk turned his political attention to a Wisconsin Supreme Court race, with groups affiliated with Musk spending more than $XNUMX million on a judgeship that his preferred candidate ultimately lost. He has previously pledged to invest $XNUMX million in political groups controlled by Trump, according to reports on CNN and other media outlets.

It's not clear whether the Tesla CEO's comments signal any change in that financial pledge. A political aide to Musk on Tuesday declined to comment.

But after several months as a top White House adviser and leading the Department of Government Efficiency, Musk is now taking a step back from full-time government work refocusing his time on his companies, including Tesla, which has struggled in part as a result of Musk's alliance with the Trump administration.

But Musk is still in touch with Washington. He told reporters earlier this month he'd spend one to two days a week on DOGE matters and would dip in and out of Washington. Indeed, Musk told Husain on Tuesday that this week he's having dinner with Trump and then will have meetings with Cabinet secretaries.