Elon Musk said Tuesday he will significantly reduce his political spending after becoming the largest political donor in the 2024 election cycle with contributions totaling at least $288 million to help elect President Donald Trump and other Republican candidates.
“In terms of political spending, I’m going to do a lot less in the future,” Musk told Bloomberg’s Mishal Husain via video link from the Qatar Economic Forum. Asked to explain his reasoning, he replied: “I think I’ve done enough.”
Federal Election Commission filings show Musk contributed $239 million to his political action committee America PAC, which organized extensive voter outreach efforts for Trump. His total political spending made him the largest donor since at least 2010, outside of candidates funding their own campaigns.
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Musk’s political investment paid off significantly. Trump appointed him to co-lead the Department of Government Efficiency, aimed at cutting federal spending. His wealth also increased substantially after the election as Tesla stock surged on expectations of favorable regulatory treatment.
Read: Senate Report: Musk Could Avoid Over $2 Billion in Legal Liabilities Through DOGE Role
However, Musk’s recent political efforts have shown mixed results. Despite spending approximately $20 million supporting conservative candidate Brad Schimel in Wisconsin’s Supreme Court race in April, his candidate lost by 10 percentage points.
During the Wisconsin campaign, Musk offered voters $100 to sign petitions and announced plans to personally distribute $1 million checks to voters. Wisconsin’s Democratic attorney general sued to block the payments, calling them illegal vote buying.
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Read: Time’s Up for Elon: Trump Confidants Reveal Musk’s Imminent Departure
After Wisconsin, there’s concerns that Musk’s high-profile involvement may have become a liability. Brandon Scholz, who previously served as executive director of the Wisconsin Republican Party, observed that “Musk helped fuel the anti-Trump vote by his presence.”
Musk’s government involvement have also become a liability for his companies. For Q1 2025, Tesla reported a staggering 71% drop in net income, making it the least profitable period since Q1 2021.
Read: Tesla Q1 2025: Worst Quarter Since 2020
All in all, “a lot less” is relative still for the world’s richest person. Despite this recently stated intention to reduce spending, Musk previously said he planned to donate another $100 million to Trump’s political operation for the 2026 midterm elections.
America PAC spent more than $250 million during the 2024 cycle, primarily supporting Trump through door-knocking, advertisements and controversial million-dollar giveaways in swing states.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
