WASHINGTON — Elon Musk, the world’s richest man and the top donor to former President Donald Trump’s 2024 campaign, said Tuesday he will significantly reduce his political spending—a major shift ahead of the 2026 midterm elections.
Musk made the announcement via videoconference during a Bloomberg forum in Doha, Qatar. “In terms of political spending, I’m going to do a lot less in the future,” he said. When asked why, he replied, “I think I’ve done enough.”
According to AP News, Musk contributed at least $250 million to America PAC during the 2024 election cycle. The money supported Trump’s return to the White House and financed campaign operations in key battleground states. Musk’s involvement included public appearances alongside Trump and solo campaign-related events.
After the presidential election, Musk extended his political efforts to state-level races. He backed Republican-supported Brad Schimel in the April 1 Wisconsin Supreme Court race. Despite more than $21 million in spending by Musk-supported groups, Schimel lost by 10 percentage points. The result marked a setback for Musk, following Trump’s narrow win in the state five months earlier.
Since January, Musk has led the Department of Government Efficiency, or DOGE, which aims to reduce federal spending through workforce cuts, agency closures and the cancellation of numerous federal contracts. DOGE claims to have saved approximately $170 billion, though independent reviews have raised questions about the accuracy of that figure.
Protests over Musk’s political role have intensified, including demonstrations at his companies Tesla and Neuralink. Earlier this month, Musk announced plans to scale back his involvement with DOGE and focus more on business operations.
Previously, PACs affiliated with Musk pledged to challenge Republican incumbents who opposed Trump’s agenda. As of Tuesday, however, Musk said he had no plans to resume political contributions.
“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.”
