Billionaire Elon Musk announced on Tuesday that he is reducing his financial involvement in politics, emphasizing that his company, Tesla, is performing well despite the backlash from his support for former President Donald Trump. “In terms of political spending, I’m going to do a lot less in the future,” Musk stated during a video call at Bloomberg’s Qatar Economic Forum from Austin, Texas.
Musk, the wealthiest individual in the world, previously invested hundreds of millions to assist Trump in winning the 2024 presidential election, raising questions in Washington about whether his generous contributions would continue. “If I see a reason to do political spending in the future, I will do it. I don’t currently see a reason,” he remarked in a tense interview.
His comments may indicate a change in the dynamic between him and Trump, as Musk steps back from his unofficial role as chief of the administration’s “Department of Government Efficiency,” now working just one or two days a week. “I did what needed to be done,” Musk said when discussing his political involvement.
Tesla, which largely contributes to Musk’s wealth, has faced brand damage due to his political involvement, especially regarding Trump and his support for Germany’s far-right AfD party. Since Trump’s presidency began, Tesla dealerships have seen protests and vandalism. Musk stated, “It’s certainly fine to object to political things, but it’s not fine to resort to violence and hanging someone in effigy and death threats.”
When asked if he was concerned about how his political views could impact Tesla’s sales, Musk insisted the company is doing well. “Aside from a sales decline in Europe, we’re strong everywhere else,” he noted, highlighting that Tesla’s stock has surpassed a trillion dollars in market cap, indicating recovery.
In a broader discussion, Musk expressed he has no immediate plans to take SpaceX public, arguing he doesn’t require the funds or the intensified scrutiny. He described going public as a potential way to earn more money but noted the accompanying overhead and potential for lawsuits as “very annoying.”
Musk has faced multiple lawsuits from Tesla shareholders, including one where his proposed $55.8 billion compensation package was rejected by a U.S. judge. “The compensation should match that something incredible was done,” he said about the judgment, yet he remains confident that any decisions made by courts won’t affect his future earnings.
Moreover, Musk plans to proceed with his lawsuit against OpenAI, the organization he co-founded in 2015, which has transitioned into a profit-driven company. He criticized this shift, stressing that OpenAI was originally intended to be a nonprofit initiative. “I funded OpenAI for roughly $50 million, and now they’re trying to change that for their own financial benefit into a for-profit company that is closed source,” he explained. “This would be like you funded a nonprofit to help preserve the Amazon rainforest, but instead, they became a lumber company, chopped down the forest, and sold the wood.”
Original Source: https://www.ndtv.com/world-news/elon-musk-says-will-spend-a-lot-less-on-political-campaigns-us-elections-donald-trump-8464333#publisher=newsstand
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Publish Date: 2025-05-20 21:33:00
