Washington: The world’s richest man Elon Musk says he will cut back or completely stop his record-breaking political spending following a bruising start to 2025 in which he ploughed millions into a judicial election and shares in his car company Tesla sank.
Musk has also been markedly less visible in Washington and in communications from President Donald Trump and his team. His tenure as a “special government employee” leading the so-called Department of Government Efficiency is due to expire at the end of May.
An at-times combative Elon Musk appeared by video link at the Qatar Economic Forum.Credit: Bloomberg
The Tesla and SpaceX founder spent more than $US250 million ($390 million) supporting Trump in last year’s election. He sank another $20 million into supporting a Republican-backed judge for the Wisconsin Supreme Court this year, but the Democrat-backed candidate won.
“In terms of political spending, I’m going to do a lot less in the future,” Musk told the Qatar Economic Forum overnight in an awkward and often combative interview by video link from Austin, Texas. “I think I’ve done enough. If I see a reason to do political spending in the future, I will do it. I don’t currently see a reason.”
Tesla lost hundreds of billions of dollars in value this year as sales crashed and activists targeted his cars and dealerships. Vehicles were hit with graffiti, set on fire and otherwise vandalised, while some Tesla owners sold their cars or affixed stickers denouncing Musk.
Musk defended Tesla’s performance, saying sales had turned around – although Europe’s was still “weak” – and noting the company’s share price had recovered, and its market capitalisation was back above $US1 trillion.
Protesters at a Tesla Takedown rally in New York in March.Credit: Bloomberg
Asked about people putting bumper stickers on their Teslas declaring they bought it before “Elon was crazy”, Musk said: “There are also people buying it because Elon’s crazy, or however they may view it. Yes, we’ve lost some sales, perhaps, on the left, but we’ve gained them on the right.”
Musk was visibly shaken when discussing the activists’ campaign against him and his cars, saying they were “evil” and on the wrong side of history. Asked whether he took the attacks personally, he said: “Yes.”
