Musk, top Trump backer, says he will spend less on politics

Elon Musk on Tuesday said he plans to spend “a lot less” on political donations in the future, signaling a change in attitude from President Donald Trump’s top campaign backer.

Musk, the CEO of Tesla and SpaceX and the head of the government-slashing initiative DOGE, spent more than $250 million helping Trump win a second White House term.

But when asked at the Qatar Economic Forum if he will continue spending at that level in upcoming elections, Musk said he would not.

“I think, in terms of political spending, I’m going to do a lot less in the future,” Musk said.

When asked why, he said, “I think I’ve done enough.”

But Musk, the world’s richest man, said he may change his mind at some point.

“Well, if I see a reason to do political spending in the future, I will do it,” he said.

“I do not currently see a reason,” he added.

Musk is set to speak again at 2 p.m. ET with CNBC’s David Faber.

The remarks in Doha likely come as an unpleasant surprise to Republicans running for reelection in 2026.

On top of his Trump-related donations, Musk spent more than $19 million in the final weeks of the 2024 election cycle to help Republicans win narrow majorities in Congress.

His super political action committee, America PAC, was also a top outside spender in this year’s high-profile election for a seat on the Wisconsin Supreme Court that ultimately determined the court’s ideological majority.

Musk-linked groups reportedly dropped more than $13 million in the lead-up to that April 1 race, which his preferred candidate lost.

Musk has been a major presence in Washington, D.C., since Trump’s electoral victory, appearing regularly by the president’s side and making himself highly visible as the face of DOGE, the group working to rapidly dismantle a slew of government agencies and projects.

But this increased visibility has taken a toll on the billionaire and his companies.

Musk’s controversial actions and views — many of which he has aired on his social media platform X — coupled with his massive influence in the White House, have proven unpopular with the majority of Americans.

Polls show that public opinion of Musk, his companies and their products have all fallen sharply since January.

That shift coincided with a decline in Tesla’s market value in the two months since Musk has entered the government, though its shares have recently rebounded. Tesla cars and showrooms have also emerged as targets for vandalism and arson.

Musk has previously signaled he plans to turn his focus back to his businesses. His time spent running DOGE will “significantly” drop starting this month, he told analysts in April on Tesla’s quarterly earnings call.

Musk has recently fallen far out of the spotlight in D.C., Politico reported Monday.

But his apparent public pullback from politics does not mean he is leaving the sphere entirely, a Musk advisor told NBC News later Tuesday.

“Musk scaling back his public profile does not diminish his influence. I think it can actually sharpen it,” the person said. “He can still quietly fund stuff and support stuff he believes in, causes he believes in, but does not create unnecessary noise. These midterms will be about message discipline and a focus on the economy, not fights on X.”