Elon Musk, the world’s richest guy with a whopping $423 billion fortune, is pulling back from politics — at least for the time being.
The Tesla and SpaceX CEO dropped a staggering $250 million on Donald Trump’s 2024 campaign, making him the biggest backer of the former prez’s bid for re-election. But at the Qatar Economic Forum, Musk said flat-out: “I’ve done enough.” When asked if he’d keep funding candidates in the midterms, Musk replied, “I’m going to do a lot less in the future.”
So, what changed? When pressed if backlash played a part, Musk shrugged it off but left the door open: “If I see a reason to do political spending in the future, I will. I don’t see one right now.”
Musk’s political ties go deeper than just cash. After Trump’s win, Musk snagged a top spot at the Department of Government Efficiency — aka DOGE — a Trump-era project to slash government red tape and cut spending. But with Tesla facing slower sales and shrinking profits, Musk says he’s stepping back to focus on his businesses.
And Musk isn’t just shaking things up in the U.S. — he’s backing far-right parties abroad, too. Earlier this year, he gave a big thumbs-up to Germany’s AfD party, saying, “Only AfD can save Germany, end of story.” Over in the UK, Musk threw his weight behind the Reform UK party, tweeting, “Only Reform can save Britain.”
But Musk’s political plays have ruffled feathers. While some cheer his push for deregulation and conservative causes, others warn his activism risks alienating customers and investors — especially environmentally conscious Tesla fans who might balk at his right-wing endorsements.
Plus, going all-in on politics could invite extra scrutiny from regulators, which might hurt his companies down the road.
Bottom line: Musk’s dialing back on politics could be a smart move to keep his empire steady. Still, he’s made it clear that when it comes to mixing business and politics, he’s a force to be reckoned with — for better or worse.
