Elon Musk declares his unofficial retirement from political spending

Elon Musk has announced that he will do much less political spending in the future. 'I think I’ve done enough,' Musk said.

Tesla CEO Elon Musk has been an influential political donor in recent years. However, the tech giant says he plans to step away from political spending.

Elon Musk is stepping back from the spotlight

Speaking at the Qatar Economic Forum on Tuesday, he told Bloomberg that he plans to drastically reduce his political spending in the future.

'I think in terms of political spending, I’m going to do a lot less in the future,' Musk said. 'I think I’ve done enough.'

In recent years, Elon Musk has shown a fervent political interest and has frequently engaged. During the campaign period for the 2024 U.S. presidential election, Musk became a financial powerhouse for Donald Trump's campaign, investing over $250 million in a super PAC designed to position Trump for reelection.

Apart from financial support, Musk was also often present at rallies, and appeared on stage several times. The CEO of Tesla also took on a formal advisory role for Trump and led the Department of Government Efficiency (DOGE).

Earlier this year, Musk largely funded a conservative candidate in a race for the Wisconsin Supreme Court, although the race ultimately ended in defeat for the candidate he supported.

When asked if criticism of his political involvement and its possible impact on his companies played a role in his decision, Musk replied: 'Well, if I see a reason to do political spending in the future, I will. I currently don’t see a reason.'

A close advisor, who only agreed to comment on the condition of anonymity, said that a lower public profile could, in fact, increase Musk's effectiveness behind the scenes.

'Musk's reduction in public profile does not diminish his influence. I think, in fact, it may sharpen it,' the advisor stated. 'He can still discreetly fund things and support causes he believes in, but not create unnecessary noise. This midterm election will be about message discipline and a focus on the economy, not fights on X.'

Musk made waves with his previous contributions

Donations and political affiliations of Elon Musk have always been a cause for some concern, especially as they increasingly align with far-right causes and candidates.

Through his contribution of $250 million to Trump's reelection campaign, Musk gained a place in the upper echelons of Republican megadonors, joining names like the Koch brothers and Sheldon Adelson.

However, his political alignment has not spared his companies, including Tesla and SpaceX, from dealing with public scrutiny, boycotts, and resistance from progressive consumer bases.

Some analysts speculate that, after withdrawing his influence from politics with his wealth, Musk could attempt to influence politics indirectly through media.

'He doesn’t need to write a $250 million check to be effective,' said a political strategist familiar with super PAC operations. 'He has a direct line with millions of followers. Every post he makes is worth millions in coverage and influence.'

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