Elon Musk says he’ll scale back political spending: “I think I’ve done enough”

Washington — Elon Musk said Monday that he plans to significantly scale back his political spending, adding that he does “not currently see a reason” to invest his money in politics. 

In a video appearance at the Qatar Economic Forum, the world’s richest man was asked if he’d continue to spend at such a high level in future elections, after contributing at least $277 million to Republican candidates and causes in the 2024 cycle. 

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

“And why is that?” the interviewer asked. 

“I think I’ve done enough,” Musk said, to some laughs from the audience. But he did not entirely rule out spending on political campaigns and causes.

“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.”

Musk, tasked by President Trump to informally oversee the Department of Government Efficiency, has come under intense scrutiny for his leadership in the chaotic government cuts. And one of his companies, Tesla, has suffered in the time he was away — in the first quarter of the year, the company’s net income plummeted 71%. 

Musk said on a call last month to discuss the company’s earnings that he planned to scale back his time spent on DOGE. Musk has not been physically present at the White House as frequently since the end of April. 

But the billionaire has also seen some benefits for his other companies. Musk accompanied Mr. Trump on the president’s trip to the Middle East last week and announced his satellite company Starlink has been approved for maritime and aviation use in Saudi Arabia.