Elon Musk Confirms Significant Cutback in Political Spending After $290 Million 2024 Support

Elon Musk announced he will significantly reduce his political spending after contributing over $290 million during the 2024 election cycle to support President Trump and other Republicans, stating that he has "done enough." Speaking at the Qatar Economic Forum, Musk indicated he currently sees no reason for further political spending and will instead focus more on Tesla and his other businesses. His close involvement with the Trump administration, including leading the Department of Government Efficiency, has sparked violent protests targeting Tesla dealerships and impacted Tesla's stock price, though the company has recently seen a rally. When asked about the backlash and whether he regretted his political involvement, Musk affirmed he did what was necessary despite the violence directed at him and his companies. Additionally, Musk reassured investors of his ongoing commitment to Tesla, confirming he plans to remain CEO for at least the next five years despite legal challenges over his compensation package. Tesla's shares responded positively to his remarks, even as the company faces challenges after a recent drop in vehicle sales.