- Thursday, May 22, 2025
Tesla CEO’s move could deal a significant blow to Trump and the Republican Party, which has come to rely on him as a major donor
By: India Weekly
TECH TITAN Elon Musk has hinted that he plans to reduce his political spending “in the future” and focus on his electric vehicle company, Tesla, for at least five more years.
During a video conference at the Bloomberg Economic Forum in Doha on Tuesday (20), he said he would be doing a ‘lot less’ political spending in the future. “I think I’ve done enough.”
It could deal a significant blow to Trump and the Republican Party, which has come to rely on him as a major donor.
His comments came after a report suggested that Tesla’s board was planning to oust him — an allegation Tesla Chair Robyn Denholm later denied.
Musk added that he is now committed to staying on as CEO of Tesla for the next five years.
The iconic electric car is facing an unprecedented headwind with a steep fall in sales in the US and Europe.
This comes at a time when electric mobility is on the rise, as countries improve their charging infrastructure and cars become more affordable.
Tesla also plans to counter competition from European and Chinese EV brands with the launch of a revamped Model Y.
Tesla sales in Germany dropped to 885 cars in April, a fourth month of declines this year, amounting to a cumulative year-to-date drop of over 60 per cent,
Its Chinese competitor BYD sold 1,556 cars during the same period, a rise of 756 per cent on the year.
Musk had poured nearly $300 million into supporting Donald Trump’s 2024 campaign and other Republican causes.
While hinting that he would be spending less in future, Musk said he didn’t completely rule out future spending, adding, “If I see a reason for political spending, I will do it.”
After Trump’s inauguration in January, Musk emerged as a prominent figure in the administration, heading the Department of Government Efficiency (DOGE).
As per the department’s recommendations, the Trump administration has cut thousands of jobs and cancelled billions in contracts and foreign aid.
These large-scale job cuts in the government sector had sparked widespread protests across the US in April.
The agency has faced legal challenges over the scope of its work, and Musk and his team have been criticized for a lack of transparency.
Doge is an advisory body created by an executive order signed by Trump.
Trump had designated Musk as a “special government employee,” allowing him to work a paid or unpaid government job for 130 days each year.
He is due to reach his 130-day limit on government work in late May, but it is not clear whether he will step down completely.
