Tue, 20 May 2025

Tue, 20 May 2025 Elon Musk plans to cut back political spending

Asked if he had any regrets about his political activities, Musk said: "I did what needed to be done."
Billionaire Elon Musk said he plans to significantly reduce his political donations, following a major investment in President Donald Trump's 2024 election campaign. Musk spent over $250m (£187m) on supporting Trump and stated that he had "done enough" in terms of political spending. He added that if he saw a reason to spend again, he would do so. The move is seen as a significant shift from Musk's previous involvement in politics, which raised concerns about conflicts of interest due to his companies' federal government contracts and investigations. Musk also announced his commitment to leading electric car company Tesla for another five years, despite some investors worrying that his focus on politics had distracted him from the company. The comments come after Musk stepped back from the White House effort to slash federal spending, commonly known as Doge.
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