'I've done enough': Elon Musk to slash political spending after helping Trump in 2024

Elon Musk has said that he will cut back on political donations after being one of the biggest spenders in the 2024 US election. He had heavily backed Donald Trump's campaign.

File Photo of Donald Trump and Elon Musk (Photo/Reuters)

Image Credit: ANI

Billionaire Elon Musk has said he will cut back on political donations after being one of the biggest spenders in the 2024 US election. Speaking in a CNBC interview, Musk said: “I’ve done enough. If I see a reason to do political spending I will, but I don’t currently see a reason.” He added that he plans to spend “a lot less” on politics in the future.

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Elon Musk tweeted a 'Yes' as he shared the above video on X.

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Elon Musk had reportedly spent over $290 million backing Donald Trump and other Republican candidates in 2024, making him the largest individual political donor that year. His money supported campaign ads, rallies, and swing-state voter outreach through his America PAC. The move gave him strong influence in Republican circles, but also drew public criticism and legal challenges over PAC practices.

Musk's substantial donations primarily went to America PAC, a super PAC he founded to support Trump's campaign, and included significant funds for voter outreach initiatives in key swing states. 

His political spending has drawn considerable attention, and this shift marks a notable change in his engagement with political campaigns.

Musk's political spending has also faced legal challenges, including a class-action lawsuit alleging that his America PAC failed to pay promised incentives to petition signers during the 2024 election. 

Despite these controversies, Musk's contributions have secured him significant influence within the Trump administration, including a role in the newly formed Department of Government Efficiency.

However, his involvement in politics has also led to a decline in his public popularity, with some critics accusing him of megalomaniacal behavior and a lack of sensitivity to public sentiment.

Musk's decision to scale back his political spending reflects a shift in his engagement with political campaigns, though he has indicated that he may resume contributions if circumstances warrant.