Musk "turns off the tap" on political funding - Trump's biggest donor warns of spending cuts
Billionaire Elon Musk announced that he will significantly reduce his political spending, focusing more on the businesses he owns. He has been one of Trump's strongest supporters, spending about $300 billion on the Republican election campaign.
Tesla CEO Elon Musk, who spent nearly $300 million supporting Donald Trump and other Republican presidential candidates last year, has announced he will significantly cut his political spending, a move that signals he is shifting his focus back to his business empire amid growing investor concerns.
Musk also said he was committed to remaining as Tesla CEO for another five years. "In terms of political spending, I'm going to do a lot less in the future," Musk said at an economic forum in Qatar. "I think I've done enough."
If Musk, the world's richest person, follows through on his plan, Trump and the Republican Party could lose their biggest donor, but it could also help his companies. His fortune is tied largely to shares in Tesla and rocket maker SpaceX. Musk's role as one of Trump's most prominent supporters, bolstered by his ownership of the social network X, has sparked protests against Tesla, driving down its sales and share price.
However, the billionaire didn't completely close the door on future political spending. "If I see a reason to make political spending in the future, I will," Musk said.
A White House source downplayed Musk's decision, saying he remains fully committed to Trump and his party. The source said his support will continue through multiple channels, including financial contributions and informal influence within donor networks.
The official said the White House sees Musk's firing as a reasonable response to the growing political attacks, adding that the president supports his decision.
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