This is an adapted excerpt from the May 20 episode of “Deadline: White House.”
On Tuesday, Elon Musk, who spent at least $288 million to help Donald Trump retake the White House, announced he plans to reel back his political spending. “I’m going to do a lot less in the future,” Musk told Bloomberg at the Qatar Economic Forum, adding, “I think I’ve done enough.”
Although Musk succeeded in helping Trump win in November, Tuesday’s announcement comes weeks after the billionaire face-planted in Wisconsin. Musk poured millions into a state Supreme Court race, only to have his candidate lose by 10 points.
While Musk says he is taking a step back from political spending, that does not mean we’ve seen the last of his influence in government.
Not too long ago, Musk was working to position himself as the kingmaker of the Republican Party. Members of Congress were terrified of his money and influence — and the possibility of a primary challenge. For now, that fear may be over, or at least diminished, but don’t underestimate the damage that Musk has done and will continue to do behind the scenes.
While Musk’s efforts to eliminate waste and fraud in the federal government have been nothing short of a disaster, he has still managed to bank some big wins during the first few months of the Trump administration — at least for himself.
As NBC News reports, Musk’s “regulatory problems have started to fade into the past.” At the Agriculture Department, Trump fired the person who had been investigating Musk’s company Neuralink. At the Consumer Financial Protection Bureau, DOGE cuts have potentially hobbled regulators’ ability to enforce the law against Tesla and X. Trump’s Justice Department has also dropped a case against Musk’s rocket company, SpaceX.
Musk also appears to have succeeded in using his clout and government access to get his companies more business. His ventures are set to rake in billions in new government contracts.
So, while Musk says he is taking a step back from political spending, that does not mean we’ve seen the last of his influence in government. It’s too late for that. He’s still the world’s richest man, he still has a relationship with the world’s most powerful man, and he can still do a lot more damage.