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Elon Musk announced he will reduce his political donations after playing a key role in the 2024 US election. The billionaire entrepreneur revealed he contributed more than $250 million to support former President Donald Trump’s campaign. Speaking at an economic summit in Qatar, Musk said he “did what needed to be done” and now plans to step back from political funding.

Musk also confirmed he will continue leading Tesla for another five years, signaling a renewed focus on his business ventures.

Musk’s Major Financial Support for Trump’s 2024 Campaign

In a surprising move last year, Musk became one of Donald Trump’s largest financial backers. He openly admitted funding the campaign with over $250 million. This shift marked Musk’s most significant political involvement to date, after years of mostly avoiding political donations.

During the Qatar summit, Musk stated he would “spend a lot less” on politics moving forward. His comments came amid discussions about his leadership at Tesla and his role in a federal spending reform initiative called Doge.

“I Have Done Enough” in Politics, Says Musk

When asked if he would continue his current level of political spending, Musk said he felt his role was complete for now. “If I see a reason to do political spending in the future, I will do it,” he explained, but added that currently, there is no justification to continue.

Musk’s political activities in 2024 also brought increased attention to his companies, including Tesla, the satellite internet firm Starlink, and the social media platform X.

Business and Political Interests Clash

Musk’s deeper involvement in politics has stirred controversy. His companies hold federal contracts, and government oversight has raised concerns about possible conflicts of interest. Protests erupted after Musk supported layoffs of federal workers and gave his Doge reform team access to sensitive government records.

Tesla faced boycotts and even violent attacks on vehicles during demonstrations. Tesla’s board reportedly grew worried Musk was losing focus on the company’s core business.

Political Setbacks and Challenges

Musk encountered setbacks in his political ventures. For example, the candidate he backed for Wisconsin’s Supreme Court lost despite Musk’s $20 million contribution. Additionally, Trump ignored Musk’s advice against imposing trade tariffs. The Doge project, intended to cut federal spending, failed to meet its initial savings goals.

At the Qatar conference, Musk defended Doge, explaining it only provides advice on spending decisions. He said, “In that context, we are doing very well.” He also dismissed international criticism claiming Doge harmed global aid programs like HIV/AIDS prevention.

Musk Responds to Personal and Business Criticism

Musk acknowledged that personal attacks—such as the protests targeting Tesla vehicles—were difficult but insisted he stands by his decisions. When asked if he regretted his political involvement, Musk replied firmly, “I did what needed to be done.”

Regarding Tesla’s recent challenges, he downplayed concerns, noting the company’s strong performance outside Europe. “Things have already turned around,” Musk added, referencing Tesla’s stock recovery.

Tesla Leadership Tied to Control, Not Money

In an interview with Mishal Husain, Musk was asked if his commitment to Tesla depends on his pay package. Musk, who seeks a record-setting compensation deal rejected twice by a federal judge, responded, “It’s not a money thing. It’s a reasonable control thing.”

This highlights Musk’s focus on maintaining control over Tesla’s future direction, rather than financial incentives.

Elon Musk’s political influence in the 2024 US election marked a notable shift from his previous stance of minimal political engagement. Now, he signals a step back to concentrate on business priorities. His political contributions, setbacks, and ongoing business challenges paint a complex picture of the interplay between power, politics, and industry.