Elon Musk plans to spend ‘a lot less’ on political donations

Billionaire Elon Musk said he is going to spend “a lot less” on political donations in the future — after spending almost $300 million supporting President Trump and the Republican party last year.

“In terms of political spending, I’m going to do a lot less in the future,” Musk, 53, told the Qatar Economic Forum on Tuesday.

When asked why, the Tesla boss responded, “I think I’ve done enough.”

Musk — who has an estimated net worth of $420 billion, according to Forbes — dropped at least $290 million to help get Trump and other GOP congressional candidates elected in 2024.

The tech CEO then also spent more than $20 million earlier this year to back the conservative candidate in a Wisconsin Supreme Court race — making it the most expensive judicial contest in US history.

However, Musk’s involvement in the closely-watched judge’s race didn’t help, with the lefty candidate sailing to victory in a state Trump flipped red just five months earlier.

Musk’s announcement comes as the world’s richest man has scaled back his work with the Trump administration’s Department of Government Efficiency (DOGE).

His high-profile position as the leader of the cost-cutting agency made him a lightning rod for Democratic attacks.

But the SpaceX CEO brushed aside a question about whether his decision was a response to the criticism he has received for his role in slashing federal agencies.

“If I see a reason to do political spending in the future, I will do it. I don’t currently see a reason,” he said.

Musk’s retreat also follows reports that Republicans want him to take more of a backroom role in the presidency, rather than being front and center with President Trump and Vice President JD Vance.

“We got too close to the fence. We mowed too far,” Sen. Jim Justice (R-W.V.) told Politico of Musk and DOGE.

“We just adjust. That’s the process that’s going on.”

Still, Justice insisted that the Tesla boss is a “patriot” and did a lot of good.

Just 35% of Americans said they approved of Musk’s job performance in Trump’s administration, according to a poll last month from ABC News, the Washington Post and Ipsos.

In contrast, 57% said they disapproved of his performance.

A White House source, meanwhile, downplayed Musk’s decision to take a step back, telling Reuters he remains “fully committed” to Trump and the Republican party. 

With Post wires