World's richest man, Elon Musk, says he plans to spend less on politics

Tesla CEO Elon Musk said Tuesday that he plans to take another step back from politics as he refocuses on his electric vehicle company.

Musk has made promises about his political spending in the past, most notably in March 2024 when he said he wouldn't give money to either candidate for president. That was before he joined Donald Trump on the campaign trail and later took a top cost-cutting post at the White House, a role he has since stepped back from.

"In terms of political spending, I’m going to do a lot less in the future," he said at the Qatar Economic Forum. "I think I’ve done enough."

Musk was the largest donor in the 2024 election cycle, spending at least $277 million to back Trump. On Tuesday, Musk said he still could increase spending if things change.

"If I see a reason to do political spending in the future, I will do it," he said. "I do not currently see a reason."

At the end of April, Musk said he was stepping back from his work at the Department of Government Efficiency to focus on Tesla.

Musk initially said DOGE would aim to cut $2 trillion from the federal budget, but he later cut that in half. At a Cabinet meeting in April, Musk said DOGE was on pace to cut $150 billion from the federal budget.