Elon Musk said he’d spend less on politics. Now he's donating again

Politics & GovernmentElon Musk said he’d spend less on politics. Now he's donating againThe world’s richest man has reportedly donated to Republicans ahead of the 2026 midterms, as his relationship with President Donald Trump improvesByAlex DanielPublished 5 hours agoShare to XShare to FacebookShare to RedditShare to EmailShare to LinkKevin Dietsch/Getty ImagesElon Musk is reportedly back to funding the Republican party ahead of the midterms, according to a report, despite saying he would significantly pull back on political spending earlier this year.Suggested ReadingNasdaq wants round-the-clock trading as Wall Street gets closer to 24/7The jobs market slowdown is here — and it's realFord takes a massive hit as it pulls back on electric vehiclesThe billionaire founder of Tesla recently cut big checks to help Republican candidates for the 2026 House and Senate campaigns, and has indicated he will donate more during the cycle, reported Axios, citing sources familiar with the matter. It was unclear exactly how much he has donated, but campaign finance reports will be out in January. Related ContentFord takes a massive hit as it pulls back on electric vehiclesTesla's board is also getting paid bigMusk’s return to political donations is the latest sign that tensions between him and President Donald Trump have eased in recent months, after their spectacular falling out in June. He had dinner in November with Vice President J.D. Vance and White House Chief of Staff Susie Wiles, per the report.The world’s richest man’s support could be a significant boost to Republicans as they try to stop Democrats clawing back control of Congress. Musk was the biggest donor in the 2024 general election and played a significant part in Trump’s campaign, giving $291.5 million.In an interview in May, Musk said: “I think in terms of political spending I’m going to do a lot less in the future.” When asked why, he said: “I think I’ve done enough… Well, if I see a reason to do political spending in the future, I’ll do it. I don’t currently see a reason.”He can still afford it. Musk’s wealth reached a new high this week of nearly $638 billion, per the Bloomberg Billionaires Index, after SpaceX got a higher valuation in a share sale. Musk is the founder and chief executive of SpaceX and holds a 42% stake, now thought to be worth $317 billion after a liquidity discount applied to private companies.While his return to political donation could worry Democrats, Musk is still unlikely to be as close to Trump as he was in the latter part of 2024 and early 2025, when he took on a temporary role as the head of the Department of Government Efficiency (DOGE).Over the first five months of Trump’s term, the department sparked mass layoffs at government agencies and publicly funded organizations. It also took part in an immigration crackdown and copied sensitive data from government databases.But Musk’s role as the head of DOGE caused significant public backlash, which included people burning Tesla cars. One study said Musk’s political actions were still hitting Tesla sales as late as the fall, while it also led to investor concerns that he was not spending enough time on the car company as its business flagged.“Instead of doing DOGE I would have basically worked on my companies. And they wouldn't have been burning the cars,” Musk said on a podcast with Katie Miller, a former Trump official, earlier this month. Asked if he would do it again, he said: “No, I don't think so.”📬 Sign up for the Daily BriefOur free, fast and fun briefing on the global economy, delivered every weekday morning.Sign me upAI-powered hearing aid at surprising cost.Recommended by audiologistHear.com | SponsoredSponsoredLearn MoreUndoThe cost of hearing aids in Karawal Nagar might surprise youRecommended by audiologistHear.com | SponsoredSponsoredLearn MoreUndoStart Forex Trading. Get a 100% Welcome BonusFind out why you should join iFOREX, a regulated broker with over 25 years of experience. 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