After Spending $200M To Elect Trump, Elon Musk Says He’s Cutting Back On Political Spending

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Baila Eve ZismanMay 20, 2025, 10:17 pmNews >

Elon Musk has announced his plans to cut back on his own political donations.

This marks a significant shift for the billionaire, who was previously Donald Trump’s top donor through the 2024 election campaign, spending almost $200 million in support of Trump’s campaign.

At an economic conference in Qatar, Musk shared that his plans for the future involve spending “a lot less” as he feels he has “done enough.”

He clarified, “If I see a reason to do political spending in the future, I will do it…I do not currently see a reason.”

A few weeks prior to this announcement, Musk, whom Trump appointed head of the DOGE—the White House’s new controversial department intent on cutting down government spending—announced that he would be stepping back from his role in the government.

Returning his attention to his Tesla enterprise, Musk noted that he planned to continue to lead the electric car company for at least another five years.

Tesla is the subject of boycotts due to Musk’s support for Trump and his effort to lay off thousands of federal workers. This has resulted in many selling their cars or defacing Teslas as a sign of protest. The drop in Tesla’s share price since November 2024 has caused Musk to lose nearly $100 million. As of April, his net worth sits at roughly $311 billion – a significant drop from his December 2024 net worth of over $400 billion.

Musk’s popularity has continued to tank. Press reports have called attention to the fact that DOGE’s public accounting frequently exaggerates and double-counts savings. Public polls have shown that Musk’s efforts in the DOGE have made him more unpopular than Trump, with two-thirds of people viewing him negatively.

In an apparent attempt to downplay Musk’s decision, the White House said that while Musk may be exiting his government position, he remains loyal to Trump. The billionaire will continue to support Trump in various ways, such as acting as an adviser, making financial contributions and informal influence within donor networks.