Elon Musk says he will cut back on political spending after heavily backing Trump in 2024

WASHINGTON (AP) — Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he’ll be spending less on political campaigns.

His decision, which he disclosed via videoconference during a Bloomberg forum in Doha, Qatar, 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, which has fallen far short of its goals for reducing federal spending.

“I’m going to do a lot less in the future,” Musk said. Asked why, he responded that “I think I’ve done enough.”

Musk spent at least $250 million supporting Trump in the presidential campaign, and even held some of his own campaign rallies. He also got involved in a Wisconsin Supreme Court race this year, although his preferred candidate lost.