Elon Musk, Donald Trump’s mega-donor, to slash political spending: ‘I think I’ve done enough’

Elon Musk, billionaire entrepreneur and Tesla CEO, revealed plans to drastically cut back on his political spending. Known for his hefty donations to Republican causes—reportedly contributing $250 million during Donald Trump’s 2016 presidential campaign—Musk stated he plans to reduce his political contributions moving forward.

“In terms of political spending, I’m gonna do a lot less in the future. I think I’ve done enough,” Musk said, signaling a shift in focus away from political influence.

His close ties to the Trump administration, particularly through leading the Department of Government Efficiency (DOGE), had raised questions about his priorities.

He affirmed his commitment to remain Tesla’s CEO for at least the next five years.

Speaking at an economic forum in Qatar on Tuesday, Musk addressed concerns about balancing his political involvement with his leadership at the electric vehicle giant.

Firm commitment to Tesla leadership

Musk addressed speculation about his tenure at Tesla, emphasising his determination to stay on as CEO. “Having reasonable control of Tesla was the most important factor in staying on as CEO,” he said. Musk currently owns about 13% of Tesla’s shares.

When asked directly about his future, Musk was unequivocal: “Yes, no doubt about that at all.”

Last year, Musk revealed discomfort with not having at least 25% voting control at Tesla, especially as he sought to expand the company’s leadership in AI and robotics.

Tesla’s performance and market challenges

Musk highlighted recent improvements in Tesla’s sales outside Europe, where the company has faced protests linked to his political views and Trump endorsements.

Tesla reported a 13% drop in first-quarter deliveries, and some investors expect another yearly decline in 2025 due to political backlash and delays as customers await cheaper versions of the redesigned Model Y crossover.

Tesla’s shares initially jumped 3.3% following Musk’s comments but later settled up about 1%, with the stock down 15% for the year.

Other ventures: SpaceX, Starlink, and xAI

Musk also discussed the satellite internet service Starlink, which may go public in the future. Starlink operates in more than 70 countries and aims to expand further in emerging markets such as India.

On artificial intelligence regulation, Musk advocated for some US oversight but warned against overregulation. He founded AI company xAI in 2023 to compete in the generative AI space.

XAI is investing heavily in data center capacity and recently unveiled “Colossus,” a supercomputer cluster in Memphis, Tennessee, touted as the world’s largest.