Elon Musk signals plans to dial back political spending

Billionaire Elon Musk has said he expects to dial back his political donations, a major shift from the figure who shook up the 2024 election as a top donor to President Donald Trump.

Musk, who ultimately spent more than $250m (£187m) in support of Trump’s election effort, told an economic conference in Qatar that he planned to do “a lot less” spending in the future.

He also said he intended to stay on as the head of electric car company Tesla for another five years.

After helping Trump achieve victory, Musk led the White House effort to slash federal spending, commonly called Doge. Under pressure from Tesla investors concerned, he has recently scaled back his Washington work.

Those investors and board members were concerned that Doge was consuming his attention, while also alienating some customers.

Asked about his plans for spending in next year’s US congressional elections, Musk said he felt he had “done enough”.

“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’s political spending since November has not been as fruitful. He and groups he backs put more than $20 million behind the Republican candidate who lost the election to be a justice on the Wisconsin Supreme Court earlier this year.