Elon Musk says he’s ‘done enough’ political spending amid Trump rift speculation

The bromance between Donald Trump and billionaire Elon Musk appears to be on rocky terrain, with the latter saying he will cut back on political donations.

The world’s richest man, who donated an estimated $250 million (close to £187 million) to help Trump win last year’s election, told the Qatar Economic Forum, hosted by Bloomberg: “I’m going to do a lot less [spending] in the future, I think I’ve done enough. Well, if I see a reason to do political spending in the future, I will do it. I do not currently see a reason.”

Musk went on to say that he would remain car-manufacturer Tesla’s chief executive for at least five more years despite the company’s shares tumbling in the face of angry voters’ boycotts.

Musk’s involvement in US politics, including being appointed to head up the newly created Department of Government Efficiency (DOGE), has been deeply divisive, prompting critics to hold rallies, cause damage to vehicles, hang unflattering signs at factories and describe the power he has been afforded by Trump as a “coup”.

In April, Tesla reported a 20 per cent decrease in the number of cars sold during the first three months of the year compared with the same period in 2024, and a 70 per cent drop in profits. Prior to this, it was reported that Musk had lost $148 billion (approximately £110 billion) of his net worth since 17 January.

In response, Musk said he would be taking a step back from his work at the department and with the wider Trump administration.

During Musk’s time at DOGE, several governmental departments have faced cuts to funding, and some foreign aid projects have been affected, including an award to help LGBTQ+ refugees and the President’s Emergency Plan for Aids Relief.

Musk has denied engaging in a “takeover” of the government, saying: “The public voted for major government reform… and they’re going to get what they voted for. That’s what democracy is all about. We have this unelected, fourth unconstitutional branch of government: the bureaucracy, which has, in a lot of ways, more power than any elected representative.”

Discussing the backlash to his involvement in politics, Musk said he “did what needed to be done”, adding: “I’m not someone who has ever committed violence and yet massive violence was committed against my companies, massive violence was threatened against me.”

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