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Elon Musk Announces Retreat From Political Spending to Refocus on Tesla

The billionaire donor, who heavily backed Donald Trump and led a cost-cutting government initiative, says he will scale back political involvement and remain Tesla CEO for at least five years.

Overview

  • Elon Musk declared at the Qatar Economic Forum that he will significantly reduce his political spending, stating, 'I think I’ve done enough.'
  • Musk spent nearly $290 million supporting Donald Trump and Republicans in the 2024 election cycle, including $20 million on a Wisconsin Supreme Court race where his preferred candidate lost.
  • His role as head of the Department of Government Efficiency (DOGE) has been scaled back to one or two days a week, with his 130-day term set to conclude at the end of May.
  • Tesla suffered a 71% profit decline in Q1 2025, with brand damage from Musk's political alignment contributing to dealership protests and vandalism.
  • Musk reaffirmed his commitment to remain Tesla CEO for at least five years, prioritizing his businesses over political activities moving forward.