Republicans Risk Losing Their Biggest Donor? Musk Says He Will Cut Political Spending

Elon Musk, who spent about $300 million supporting Donald Trump's presidential campaign and other Republicans last year, said on Tuesday he plans to significantly reduce his political spending in the future, UNN reports with reference to Reuters.

"As for 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."

Musk also said he intends to remain CEO of Tesla for another five years, seeking to allay fears about the balance between his role at the automaker and his involvement in the Trump administration, where he oversaw a massive cost-cutting effort in the federal bureaucracy.

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If Musk, the world's richest man, sticks to his plan to cut political spending, it could cost Trump and the Republican Party their biggest sponsor.

However, the billionaire has not completely closed the door to spending on politics in the future.

"If I see a reason for political spending in the future, I will," Musk said.

His main political spending group, America PAC, declined to comment.

Last year, Musk directed hundreds of millions of dollars to Republican super PACs, funding battlefield operations and media campaigns that helped amplify Trump's message.

He also spent more than $20 million this spring supporting a conservative candidate in the race for the Wisconsin Supreme Court, helping to turn it into the most expensive judicial contest in US history. But his money failed to tip the scales as the liberal candidate easily won the election, which was seen as an early referendum on Trump's second term.

Musk's retreat threatens to deprive Republicans not only of a major donor, but also of the infrastructure and the opportunity to get his money. The party may have to rely more on traditional megadonors and step up grassroots fundraising ahead of next year's congressional elections.