Elon Musk declared he plans to significantly cut his political spending, saying he has “done enough.” The statement comes as the richest man in the world also steps back from his role in slashing federal government spending as an aide to President Donald Trump.
The Republican megadonor spent more than $250 million in support of Trump’s election effort last year, and last month lavished $20 million of his own money on a Supreme Court election in Wisconsin.
The Tesla CEO appeared via video at an economic forum in Qatar on Tuesday, where Bloomberg’s Mishal Husain asked whether he would continue to spend at that kind of level ahead of next year’s midterm elections.
“In terms of political spending, I’m gonna do a lot less in the future,” Musk replied.
When Husain asked why, he responded: “I think I’ve done enough.”
Husain questioned whether it was “because of blowback” — a reference to the intense pressure he faced from consumers and dropping stock prices while working on initiatives for Trump.
Musk replied: “Well, if I see a reason to do political spending in the future, I will do it. I don’t currently see a reason.”
Musk’s focus on running the Trump administration’s so-called Department of Government Efficiency led to questions about his leadership of Tesla as the company’s stock tanked.
The Wall Street Journal reported that Tesla board members had reached out to several executive search firms to find a replacement for Musk, a claim Tesla Chair Robyn Denholm denied.
The billionaire has been a far less visible presence in Washington in recent week and confirmed in his interview at the economic forum Tuesday that there is “no doubt” he plans to still be Tesla CEO five years from now.