Billionaire Elon Musk announced plans to significantly reduce political spending, shifting his focus to leading Tesla and SpaceX. Speaking at Bloomberg’s Qatar Economic Forum in Doha on May 20, 2025, via video link from Austin, Texas, Musk addressed his evolving role in politics and business.
Musk, the world’s richest individual, invested hundreds of millions to support Donald Trump’s 2024 U.S. presidential campaign. His financial contributions sparked speculation in Washington about whether such spending would continue. However, Musk clarified, “In terms of political spending, I’m going to do a lot less in the future. I did what needed to be done.”
He also confirmed a reduced role in the Trump administration’s “Department of Government Efficiency,” now dedicating only one or two days a week to the initiative. Musk stated he sees no current reason for further political investments but remains open to future involvement if a compelling cause arises.
NEW: Elon Musk says he’s cutting back on political spending in the future.
“I think I’ve done enough.”
“I don’t currently see a reason.” pic.twitter.com/NULUyqd1Y9
— bryan metzger (@metzgov) May 20, 2025Musk’s political activities, including his support for Trump and controversial endorsements like Germany’s far-right AfD party, have impacted Tesla’s brand. Protests and vandalism at Tesla dealerships in the U.S. and abroad have raised concerns about the company’s reputation. Musk condemned violent acts, saying, “It’s fine to object to political things, but it’s not fine to resort to violence or death threats.”
NEWS: Elon Musk says he will spending “a lot less” in the future on politics. “I’ve done enough. If I see a reason to do political spending I will, but I don’t currently see a reason.” pic.twitter.com/5L2pjTzACA
— Sawyer Merritt (@SawyerMerritt) May 20, 2025Despite these challenges, Musk emphasised Tesla’s strong performance. “Aside from a sales decline in Europe, we’re strong everywhere else,” he noted, highlighting Tesla’s market capitalisation exceeding $1 trillion. This financial rebound signals market confidence in Tesla’s trajectory, even amid political backlash.
SpaceX and Legal Battles
Musk also discussed SpaceX, his rocket and space exploration company, stating he is in no rush to take it public. “Going public brings added scrutiny and lawsuits, which are very annoying,” he said. He referenced ongoing legal challenges at Tesla, including a U.S. judge’s rejection of his $55.8 billion compensation package. Musk dismissed the ruling’s impact, asserting, “Compensation should match incredible achievements.”
Additionally, Musk addressed his lawsuit against OpenAI, a company he co-founded in 2015. He criticised OpenAI’s shift from a nonprofit to a for-profit model, likening it to a conservation group turning into a lumber company. “I funded OpenAI for $50 million to be nonprofit and open source, not a profit-driven AI giant,” he said.
