Elon Musk says he has “done enough” to help MAGA Republicans win elections, signaling a shift in his kingmaker role as Donald Trump’s top campaign backer.
After months of watching his popularity plummet, the DOGE slasher-in-chief said he plans to cut back on funding political campaigns, a move that could dampen the Republicans’ efforts at next year’s midterm elections and in the lead up to the 2028 presidential election.
“I think, 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 on Tuesday if he would continue spending as much as he has in the past.
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Asked why, the world’s richest man said: “I think I’ve done enough.”
Musk’s comments came after the head of SpaceX spent more than $250 million helping Trump win a second term in the White House.
But while the entrepreneur was once a regular fixture at the White House and known as Trump’s “buddy in chief,” the Tesla CEO has barely been mentioned in the president’s social media posts since April, according to a Politico report.
This coincided with Musk facing a humiliating defeat in the Wisconsin state Supreme Court race, when his preferred candidate Brad Schimel lost by 10 points despite Musk pouring a record $21 million into the contest and campaigning for Schimel dressed in a cheese hat.
Musk’s work at the Department of Government Efficiency has also resulted in his stocks plummeting, with protests taking place across the country against Tesla over DOGE’s massive spending cuts to the federal public service.
The entrepreneur had largely stayed out of the political arena until Trump was almost assassinated at a campaign rally in Butler, Pennsylvania, last year.
In the aftermath of Trump’s near-death experience, Trump immediately set up his America super PAC to help Trump and other Republicans win office.
He also held a series of town halls across Pennsylvania, giving away $1 million checks to people in a bid to entice them to vote.
But his sudden influence in Washington raised scrutiny of his companies, some of which have contracts with the federal government.
Trump and Musk have played down the reduced role that he now has at the White House, noting that his work with DOGE was always due to wind up by the end of May.
And Musk could also change his mind about splashing cash for candidates in the coming elections, noting at the forum: “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.”
