World’s richest man Elon Musk to reduce his political spending after heavily backing Donald Trump in 2024

Elon Musk, the richest person in the world, has said that he will be spending less on political campaigns. Musk was a key financial supporter of President Donald Trump during the US election in 2024. The Tesla CEO Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. “I’m going to do a lot less in the future,” Musk said. Asked why, he responded that “I think I’ve done enough”.
     
His decision could be a setback for Republicans before next year’s midterm elections. It also speaks to his possible disenchantment with politics after his tumultuous experience with the Department of Government Efficiency (DOGE), which has fallen far short of its goals for reducing federal spending. 

Musk currently has a net worth of USD 424.3 billion as per Forbes. He spent at least USD 250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and contracting with door-to-door canvassing groups across the seven most competitive states in the November 2024 presidential election. 

Musk contributed more than USD 21 million to America PAC and a related group, Rebuilding America’s Future, in support of the Republican-backed candidate, who lost the seat on the state’s high court. While he took credit for helping Trump return to the White House, Musk, through America PAC, became deeply involved in a Wisconsin Supreme Court campaign in March.

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