Elon Musk, the tech magnate behind Tesla and SpaceX, has announced plans to reduce his political spending. Known for sharing his views on presidential politics, immigration, and cultural issues through his social media platform X, Musk stated, "I'm going to do a lot less in the future," adding, “I think I've done enough.”
This marks a notable shift from Musk’s recent political involvement, particularly his role as a major donor in the 2024 U.S. election. Musk was a top contributor to Donald Trump’s campaign, reportedly spending over $250 million in support. Despite this, Musk now signals a pivot back to focusing on his business ventures amid increasing concerns from investors.
Musk affirmed his commitment to Tesla, stating he plans to remain CEO for the next five years, barring unforeseen circumstances. "Yes. No doubt about that at all. Well, no. I might die," he said, humorously acknowledging life's unpredictability.
The White House has reportedly downplayed Musk's decision, asserting that he still supports Trump and his party through various means, including advisory roles, financial contributions, and influence within donor networks.
Musk’s influence in politics has been amplified by his ownership of X. Earlier in the year, more than half of his posts and reposts focused on U.S. political issues, particularly the controversial federal Doge service he launched. In February, around 13% of his posts mentioned Trump by name, nearly double the number referencing his own companies.
However, this trend has shifted in May. Less than 20% of Musk’s posts are now related to Doge or American politics, while more than half are focused on his business ventures and technology. Only 3% of his posts mention Trump, whereas over 20% mention one of his companies.
Although Musk is stepping back from political spending for now, he has not ruled it out entirely. He indicated he may resume contributions if he sees a substantial reason in the future.
Disclaimer:
The information presented in this article is based on publicly available sources and a YouTube transcript. It is intended for informational purposes only and does not constitute financial, political, or investment advice.
