Elon Musk retreats from political spotlight as business pressures mount

Elon Musk, the world’s richest man and one of the most prominent backers of right-wing causes in the 2024 election cycle, now says he’s pulling back. Speaking virtually at the Qatar Economic Forum on Tuesday, Musk said he plans to cut his political spending dramatically. “I think I’ve done enough,” he said, adding, “I’m going to do a lot less in the future,” the New York Times reported.

It’s a dramatic change in tone from the billionaire who just months ago was planning to donate $100 million to pro-Trump groups ahead of the 2026 midterms. His influence in the last election was outsized, with over $290 million in disclosed federal spending and involvement in a range of political operations tied to Donald Trump’s return to power.

Wisconsin defeat and public backlash trigger retreat

Musk’s decision appears to have been influenced by the fallout from a controversial Supreme Court race in Wisconsin, where he and his allies spent about $25 million to support a conservative candidate who lost badly. According to a person familiar with his thinking, Musk realised that his visibility in the race may have hurt more than helped.

The backlash hasn’t been limited to voters. Demonstrations have followed him to public appearances, and polling shows that his favorability has dropped among key demographic groups. Democrats have increasingly used Musk as a political punching bag, while even some Republicans have begun to distance themselves.

Tensions within Tesla and falling profits add to the pressure

Inside Tesla, Musk’s political activities have sparked unprecedented dissent. A group of employees published an open letter calling for his resignation, accusing him of tarnishing the company’s mission and image. “The damage done to Elon’s personal brand is now irreversible,” the letter stated. At least one employee involved in organising the letter has since been fired.

Meanwhile, Tesla’s profits have taken a hit, and Musk has told investors he intends to refocus on business. Executives who had joined his political efforts have returned to company roles, and Musk’s own social media activity has shifted. Once averaging over 100 posts per day—many political—he now posts far less, mostly about Tesla, SpaceX, and xAI.

Relationship with Trump continues but may be cooling

Despite his reduced political activity, Musk remains close to Donald Trump. He joined the president on a Middle East trip last week and is expected to attend a dinner with him this week. Yet, according to people familiar with the matter, Trump has recently suggested that it may be time for Musk to “wind down” his formal government role.

Musk himself told CNBC that while he plans to continue visiting Washington, it will likely be “a couple days every few weeks”—a major step back from his earlier role in the Trump administration, where he helped lead the Department of Government Efficiency.

A shift back to business—or a temporary pause?

Whether Musk’s retreat from politics is permanent remains to be seen. He said he’s not ruling out future donations and may continue to funnel money through nonprofits that don’t require public disclosure. For now, though, he’s signalling a return to his corporate empire—and away from the political arena he once sought to dominate.

The shift underscores the risks of becoming a partisan figure while leading major public companies. As Tesla struggles with sales, employee morale, and investor confidence, Musk appears to be betting that less time in politics could mean fewer distractions—and better outcomes—for his business ventures.