Billionaire Elon Musk, the top donor in the 2024 election who helped boost President Donald Trump’s path to victory, said Tuesday he plans to scale back his political spending going forward.
“In terms of political spending, I’m going to do a lot less in the future,” Musk said when asked at the Qatar Economic Forum whether he still intended to play a major role in the 2026 midterms.
Asked why, the world’s richest man replied, “I think I’ve done enough.”
“If I see a reason to do political spending in the future, I will do it,” Musk added. “I don’t currently see a reason.”
The comments mark the first time Musk has said he plans to step back from putting his fortune behind political candidates, after pouring over $200 million of his own money into the 2024 race.
Musk’s comments appear to be a reversal, and could have a major impact on the 2026 midterm elections.
After Trump’s 2024 win, Musk said his America PAC would play a major role in future elections, including the midterms.
Elon Musk speaks via video conference at the Qatar Economic Forum in Doha, May 20, 2025.
Karim Jaafar/AFP via Getty Images
“Normally, PACs go somewhat dormant after a big election,” he tweeted at the time. “@America PAC is going to do the opposite and keep grinding, increasing Republican registrations in key districts around the country, in preparation for special elections and the midterms.”
Representatives for Musk’s America PAC declined to comment to ABC News regarding Musk’s comments on Tuesday. Sources close to Musk’s political operation previously told ABC News that the billionaire planned to remain active in upcoming elections.
Although Musk was the Republican Party’s largest donor in 2024 and many view him as having played a major role in getting Trump elected, some within the GOP and inside Trump’s circle have begun to see him as a liability. Democrats have seized on his role with DOGE as a rallying point during the early months of Trump’s first term, launching nationwide protests against the group and its government-slashing efforts.
Since joining the Trump administration as the head of DOGE — and after going all-in on the Wisconsin Supreme Court race earlier this year and losing — Musk’s political involvement has dropped significantly as sources close to the billionaire say he has grown increasingly frustrated with Washington and with the mounting attacks on his companies, which include Tesla and Twitter.
In recent weeks, Musk has stepped back from his daily work at DOGE and the White House, sources told ABC News. He has tweeted far less about politics and has been spending only about one day a week in Washington. During that time, Tesla’s stock has surged more than 50%.
