Elon Musk announced he will cut back on his political donations following his large contributions to the 2024 U.S. election. Speaking at a global economics conference in Qatar, Musk said he gave over $250 million to Donald Trump’s campaign but now plans to spend much less. He also confirmed he will stay as Tesla’s leader for another five years despite recent political challenges.
A few weeks before, Musk stepped down from leading Doge, a White House project aimed at reducing federal spending. At the conference, he said he had already contributed enough to political funding and will only spend again if there is a good reason. Until recently, Musk avoided politics, but his financial involvement last year brought national attention. His businesses, including Starlink and X, faced criticism for federal contracts and investigations.
Musk faced public backlash with protests and consumer boycotts against Tesla after layoffs of thousands of federal workers and concerns about Doge’s access to data. Tesla’s sales declined, raising worries among investors and company leaders. Public support for Musk’s political influence weakened as a Wisconsin Supreme Court candidate he backed lost despite a $20 million campaign boost. Trump also introduced tariffs affecting Musk’s legal team while Doge failed to deliver the expected savings, drawing criticism worldwide.
Musk defended Doge as only an advisory group with limited control over federal spending. He denied claims that budget cuts harmed aid programs like HIV prevention. Although the backlash caused personal issues for Musk, including attacks on Tesla vehicles, he dismissed worries about Tesla’s outlook. He pointed to increasing demand and rising stock prices outside Europe as signs of strength.
When asked about his loyalty to Tesla, Musk said it was not about money but about keeping control of the company. He is currently seeking a large compensation package, which a judge has blocked twice.