Musk Has Said He Will Cut Back On His Donations To Politics
16- 20.05.2025, 19:28
- 7,884
The billionaire will hit Trump and the Republicans.
Billionaire and head of the U.S. Department of Government Efficiency (DOGE) Ilon Musk has said he will cut back on his political donations - thereby dealing a blow to the Republican Party from which current President Donald Trump was elected.
This was reported on May 20 by Vloomberg.
Mask made the announcement during a panel discussion at the Qatar Economic Forum - and said he would "significantly reduce spending on politics." According to the publication, such a measure could be a blow to US President Donald Trump and Republicans - ahead of the midterm congressional elections in 2026.
"In the future, I will make (donations to politics - ed.) much less," Musk said.
When asked why he is changing his approach, the billionaire answered succinctly.
"I think I've done enough," he said.
According to Bloomberg, Musk, who is the richest man in the world (his fortune, according to the Bloomberg Billionaires Index, is $375 billion), contributed about $250 million in donations to various political groups in the 2024 election cycle - more than any other donor in U.S. elections.
Most of that money went to support Trump, who rewarded Musk by appointing him to head an ambitious program to reduce the size and scope of the federal government, the publication noted.
The Bloomberg noted that Republicans in Congress were likely counting on Musk's generosity in 2026 to maintain their current control of both houses of the U.S. parliament (the Republican Party now has only slim majorities in the House and Senate - ed.).
"Historically, presidents almost always lose House seats in midterm elections, and projections give Trump's party a one-in-five chance of holding on with a majority in Congress after 2026," the publication wrote.
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