Elon Musk said Tuesday he will significantly reduce his political spending, signaling a shift in focus back to his business ventures amid investor unease over his dual roles as Tesla CEO and a prominent political figure.
“In terms of political spending, I’m going to do a lot less in the future,” Musk said at the Qatar Economic Forum. “I think I’ve done enough.”
The move marks a notable departure for Musk, who last year poured nearly $300 million into former President Donald Trump’s re-election campaign and other Republican causes, including over $20 million in a high-profile Wisconsin judicial race. His financial backing made him one of the GOP’s most influential donors and drew intense scrutiny from both Wall Street and the public.
Musk said he remains open to future political contributions but emphasized a desire to focus on Tesla, reaffirming his commitment to stay on as CEO for at least five more years. “Having reasonable control of Tesla is the most important factor,” Musk said.
The billionaire’s deepening involvement in Republican politics, including his leadership of the so-called Department of Government Efficiency under the Trump administration, has coincided with increased protests targeting Tesla, particularly in the U.S. and Europe. Critics have cited his role in cost-cutting efforts that slashed tens of thousands of federal jobs and eliminated large swaths of U.S. foreign aid.
Tesla shares have slumped roughly 20% since Trump’s inauguration in January, and the automaker reported its first annual drop in vehicle deliveries last year. The downturn continued in the first quarter, with sales falling 13% year-over-year.
Musk’s political activity and time commitments outside Tesla have prompted concern among shareholders. He recently announced he would scale back his time with the Department of Government Efficiency to one or two days a week starting in May.
In response to Tuesday’s remarks, a White House official downplayed any permanent withdrawal from politics, saying Musk remains committed to Trump’s agenda through various informal channels, including advisory roles and donor networks.
Still, Musk’s decision could leave a significant fundraising gap for Republicans heading into the 2026 midterm elections.
Tesla Chair Robyn Denholm earlier this month denied reports that the company’s board was seeking a successor to Musk. On Tuesday, Musk insisted Tesla was already rebounding and said demand was strong outside Europe.
Tesla shares rose as much as 3.3% during Musk’s remarks but pared gains to close up around 1%.
Despite his shifting political tone, Musk left the door open to future involvement. “If I see a reason to do political spending in the future, I will do it,” he said.
