Elon Musk’s gains and losses from investing in politics.

Musk spent heavily to support Trump’s election and was chosen as DOGE’s leader, but suffered losses in his own business.

Billionaire and Tesla boss Elon Musk said on May 20 that he plans to cut back on future political investments, after spending a lot of money to support President Donald Trump’s re-election and becoming one of the top political donors to the Republican Party.

“I think I’ve done enough,” the world’s richest man said in an interview at the Qatar Economic Forum.

Billionaire Musk has so far spent more than $290 million to support Trump and other Republican candidates in the November 2024 election. On election night last year, flying to Mar-a-Lago, he announced that he would play a major role in the 2026 midterms.

He signaled to Trump’s team that he wanted to donate $100 million to groups supporting the president ahead of the midterms, which will determine whether Republicans retain their majorities in both houses of Congress.

Musk last month poured about $25 million into backing conservative Brad Schimel’s bid for a seat on the Wisconsin Supreme Court, making it the most expensive judicial race in U.S. history. Schimel lost, however, and Musk has since dropped out of the political spotlight.

After taking office in January, the US president appointed Musk to head the Office of Government Efficiency (DOGE), an agency responsible for promoting efforts to streamline the government. In the early months of the new administration, Musk was a regular presence at Trump’s side at the White House. However, Trump recently said Musk’s role should be reduced.

The US billionaire said he expected to be in Washington “a few days a week” after announcing he would step down from his role as a government adviser to focus on his business. But a person familiar with the matter said Musk’s visits to Washington may not be as frequent.

Musk, who owns social media company X, has been less vocal about Trump and has posted fewer posts recently. In March, he posted an average of 103 posts per day, but that number dropped to 52 in April. Most of Musk’s posts now focus on his companies like Tesla, SpaceX, and xAI, rather than on supporting and praising President Trump.

Politico’s analysis shows that Trump has not mentioned Musk in his posts on the social network Truth Social for more than a month.

However, observers say Musk remains in the President’s close orbit. On May 13, the billionaire attended Trump’s summit with Saudi Arabian officials, when the US President visited the Middle East. During the visit, Musk announced that his company Starlink had reached an agreement to deploy services in the Gulf country.

“Clearly, such deals would be difficult to achieve without Musk’s close relationship with the president. Even if the two are no longer seen together in Oval Office photos, Musk is reaping the benefits of being Trump’s friend,” said Sara Pequeno, a columnist for USA Today.

SpaceX has also been able to rake in billions of dollars in government contracts under Trump. The company has become a key supplier to the National Aeronautics and Space Administration and has increasingly worked with the Pentagon.

Musk has reportedly used his government role to push for federal budget reallocation and promotions that can support his Mars ambitions. In his March address to Congress, President Trump pledged to “plant the American flag on Mars and beyond.”

Musk’s other business, the Boring Company, is in talks with Amtrak to take over construction of the Fredrick Douglass Tunnel project. Trump’s promotion of Tesla cars at the White House in March was also a gift from the US President to Musk, his top campaign donor.

In addition to new business deals, Musk is also gradually recovering from discrimination allegations at some of his own companies. Several investigations against Musk’s companies have been dropped, while some government agencies responsible for investigating the company have had their budgets and staff cut by DOGE.

President Donald Trump (right) and billionaire Elon Musk stand next to a Tesla Model S at an event at the White House on March 11. Photo: AP

However, Musk has also suffered some losses while focusing on politics. His approval rating has dropped significantly according to a recent NBC poll, with 51% of Americans having a negative opinion of him and 39% having a positive opinion. Previous polls in November 2021 and November 2024 showed negative opinions of him at 21% and 42%, respectively.

This negative view is believed to be related to Musk and DOGE’s efforts to cut government. He has sought to disband agencies such as USAID and NPR, criticized federal judges, and promoted a large-scale campaign to deport undocumented immigrants.

The American billionaire is said to have an uneasy relationship with some members of the government. He has clashed with Treasury Secretary Scott Bessent, as well as with several cabinet members, including Secretary of State Marco Rubio and Transportation Secretary Sean Duffy.

Along with the public’s discontent with Musk, his company Tesla has seen sales plummet. Last month, Tesla reported a 13% drop in first-quarter vehicle deliveries and a 71% drop in first-quarter profits.

The revenue decline has led to conflict within his own company. Last month, a group of Tesla employees published an open letter calling for Musk’s ouster, noting that “the damage done to Elon Musk’s personal brand is irreparable.”

Matthew LaBrot, a director who worked at Tesla for more than five years, said he was fired because of the letter, while an X account believed to be involved in the effort has also been suspended.

After Tesla’s profits plunged, Musk told Wall Street analysts that he planned to spend less time on politics and more on business.

In an interview with CNBC, Musk blamed the media for Tesla’s revenue losses. “One thing I’ve learned is that the media is very good at making people believe things that aren’t true,” he said.

When asked at the event in Qatar if he would still be Tesla’s CEO in five years, Musk said yes, adding that “if not, I’m dead.”