Elon Musk says he will cut back on political spending after heavily backing Trump in 2024

Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he’ll be spending “a lot less” on political campaigns, a reversal that could be a setback for Republicans ahead of next year’s midterm elections.

Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It speaks to his possible disenchantment with politics after his tumultuous tenure as Trump’s pick to lead the newly created Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending. Musk has scaled back his government role to spend more time at his businesses, including Tesla, which have seen intense blowback. Tesla reported a big drop in profits in the first quarter.

“In terms of political spending I’m going to do a lot less in the future,” Musk said. Asked why, he responded that “I think I’ve done enough.”

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