Elon Musk announced that he plans to dramatically scale back his political contributions in upcoming elections, saying, “I think I’ve done enough,” after spending more than $250 million to support now-President Donald Trump‘s 2024 campaign.
Musk became one of the GOP’s most influential donors during the 2024 election cycle, endorsing Trump after a failed assassination attempt in Butler, Pennsylvania. His spending included direct donations and legally questionable voter lotteries offering $1 million prizes in swing states, which drew scrutiny from election watchdogs and civil rights groups, according to Axios.
Despite his financial push, Musk-backed candidates didn’t always succeed—including in the record-breaking Wisconsin Supreme Court race, where the conservative contender was defeated.
Appearing virtually at the Qatar Economic Forum, Musk confirmed he would spend “a lot less” on future political races, stating that he currently sees “no reason” to continue at past levels. While not ruling out future involvement entirely, the Tesla and SpaceX CEO emphasized that his focus will likely shift away from electoral politics unless a compelling need arises.
Musk’s withdrawal could signal a significant fundraising setback for Republicans in the 2026 midterms, who had grown to rely on his megadonor status. His high-profile support also sparked consumer backlash: Tesla faced protests, vandalism and reputational hits from those critical of Musk’s alignment with the MAGA movement and his role in gutting federal agencies under Trump’s second term.
While Musk’s reduced role may lower his direct influence on political races, his legacy as a disruptive donor and policy influencer, especially in tech, energy and government spending, will linger.
Originally published on Latin Times
