Latest news with #Musk-backed
Yahoo
22-05-2025
- Business
- Yahoo
Republicans Secretly Freaking Out Over Elon Musk's Latest Announcement
Republicans may be glad that Elon Musk is gone from the White House, but they're not happy he's taking his money with him. The world's richest man said at the Qatar Economic Forum on Tuesday that he believes he's 'done enough' when it comes to political spending. 'I think in terms of political spending, I'm going to do a lot less in the future,' Musk said. But that news was not welcomed by Republicans, who feared that they could be losing their 'whale' before the midterm elections, per Politico. Musk was Donald Trump's top financial backer in the 2024 election, spending at least $250 million in the final months of the president's campaign after Trump was shot in July. But Trump wasn't the only beneficiary of Musk's immense wealth: America's top political donor also dropped north of $3 million on a key Wisconsin Supreme Court race in April, which much to the party's chagrin saw the Republican-backed candidate Brad Schimel lose by double digits. (Musk-backed groups, including America PAC and Rebuilding America's Future, spent another $19 million to sponsor Schimel.) The unpopular Tesla CEO became a central figure in the Wisconsin race, and it's unclear if his desperate and sometimes illegal attempts to help Schimel win—including bribing voters to ideologically side with the conservative candidate—did more harm than good at the voting booth. Regardless, Schimel's poor performance has led political observer to wonder if the entire experience left a bad taste in the billionaire's mouth. If it did, it would come at an especially inopportune time for Republicans, who are quietly hoping that there's still enough favor in the tank to influence Musk to support Winsome Earle-Sears for Virginia governor, who 'faces a major cash disadvantage against Democrat Abigail Spanberger,' according to Politico. Republicans had come to rely on Musk's seemingly endless cashflow. In the wake of the November election, Musk declared that his super PACs would 'play a significant role in primaries.' In the following months, Musk threatened to use his money to fund primary challengers to Trump's agenda and go after Democrats, and that he would be preparing 'for the midterms and any intermediate elections, as well as looking at elections at the district attorney level.' If Musk sticks to his word this time, Republicans can wave that cash goodbye. Still, some conservatives are crossing their fingers that the unlikable billionaire will return to party politics—along with his open faucet of cash. 'I believe he means it right now,' GOP consultant Josh Novotney told Politico. 'But every election is unique. So he may be motivated to be active again in the future.' Democrats, meanwhile, don't expect Musk's influence to dissipate all at once. Instead, strategists on the other side of the aisle predict that Musk's money will begin to flow through dark channels that will make it harder to track his influence. 'I believe he will start moving his money in the background, through nonprofits,' Pat Dennis, president of major Democratic super PAC American Bridge, told Politico. 'It'll be a lot more of that now.'
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First Post
21-05-2025
- Business
- First Post
‘I think I've done enough': Musk says will cut back on political spending
Elon Musk, the key financial supporter of President Donald Trump, has said that he'll be spending 'a lot less' on political campaigns, a reversal that could be a setback for Republicans ahead of next year's midterm elections read more Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he'll be spending 'a lot less' on political campaigns, a reversal that could be a setback for Republicans ahead of next year's midterm elections. Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It speaks to his possible disenchantment with politics after his tumultuous tenure as Trump's pick to lead the newly created Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending. Musk has scaled back his government role to spend more time at his businesses, including Tesla, which have seen intense blowback. Tesla reported a big drop in profits in the first quarter. STORY CONTINUES BELOW THIS AD 'In terms of political spending I'm going to do a lot less in the future,' Musk said. Asked why, he responded that 'I think I've done enough.' Musk's statement marks a reversal of the course he had set during the 2024 campaign — when he was among the very top political spenders — and immediately after. Musk spent at least $250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and funding door-to-door canvassing groups across the seven most-competitive states in the November presidential election. Musk relished in the publicity, campaigning alongside Trump at times and headlining some of his own campaign rallies on the GOP nominee's behalf. And while he took credit for helping Trump return to the White House, Musk suffered a public defeat in April, after he became deeply involved in a Wisconsin Supreme Court campaign. Musk-backed groups America PAC and Rebuilding America's Future spent more than $21 million on the April 1 election in support of the Republican-backed candidate Brad Schimel. But Schimel's defeat by 10 percentage points in Wisconsin, a state Trump carried just five months earlier, was a blow to Musk, who campaigned for Schimel in Green Bay the weekend before the election and had also pledged to enforce Trump's agenda in the 2026 midterm elections. A week after Trump's November victory, Musk said the political action committees he supported would 'play a significant role in primaries,' adding later that he might help finance Republican challengers to GOP members of Congress who did not support Trump's nominees. STORY CONTINUES BELOW THIS AD 'How else? There is no other way,' Musk wrote on X, which he rebranded after purchasing Twitter, in response to the suggestion of supporting intraparty challenges. An adviser to Musk's PACs declined to comment Tuesday. Once Trump took office, Musk held a prominent role as an adviser and leader of DOGE. He and his acolytes in the department fanned out widely across the federal government to enact deep cuts to the workforce and spending, in some cases seeking to shutter entire agencies altogether. DOGE has pushed to fire tens of thousands of workers in downsizing at agencies, ranging from the IRS to Health and Human Services, and pressured tens of thousands more to take buyout and early retirement offers. And they sought to shut down agencies such as the U.S. Agency for International Development and the Consumer Financial Protection Bureau. With backing from DOGE, agencies have cancelled tens of thousands of government contracts and grants that they say do not align with the administration's priorities. Some of those moves were done so quickly that they had to be reversed after pushback or court rulings finding that they were illegal. STORY CONTINUES BELOW THIS AD Critics say it amounts to a reckless chain-saw approach that could destroy much of the nation's apolitical civil service, impair services for vulnerable populations, and halt critical research. DOGE claims on its 'Wall of Receipts' it has saved an estimated $170 billion, but those savings numbers have been shown to be flawed and inflated in many cases. Musk's role prompted intense pushback, including protests at his electric vehicle company, Tesla. Speaking to reporters earlier this month as he prepared to step back from DOGE, Musk noted the backlash. 'Being attacked relentlessly is not super fun,' he said. 'Seeing cars burning is not fun,' he added, referring to the instances of Tesla cars being smashed or set on fire. Musk's announced intention to step back from political spending comes during multiple new business opportunities, including a deal to host the latest versions of his Grok artificial intelligence chatbot on Microsoft's data centers. Meanwhile, his brain-computer interface company Neuralink is planning to implant its experimental devices in dozens more people and his electric-vehicle company Tesla is developing a humanoid robot that Musk hopes to one day send to Mars. STORY CONTINUES BELOW THIS AD Musk could change his mind about campaign spending. The 2026 midterm campaigns are just getting off the ground, while some candidates have not yet announced their candidacy for elections that remain 18 months away. But as of Tuesday, Musk said he did not expect to. 'Well, if I see a reason to do political spending in the future, I will do it," Musk said. 'I do not currently see a reason.'
Japan Today
20-05-2025
- Business
- Japan Today
Elon Musk says he will cut back on political spending after heavily backing Trump in 2024
Elon Musk gestures as he arrives for a state dinner hosted by Qatar's Emir Sheikh Tamim bin Hamad Al Thani in honor of President Donald Trump at Lusail Palace in Doha, Qatar, Wednesday, May 14, 2025. (AP Photo/Alex Brandon) By CHRIS MEGERIAN, THOMAS BEAUMONT and RYAN J. FOLEY Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he'll be spending 'a lot less' on political campaigns, a reversal that could be a setback for Republicans ahead of next year's midterm elections. Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It speaks to his possible disenchantment with politics after his tumultuous tenure as Trump's pick to lead the newly created Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending. Musk has scaled back his government role to spend more time at his businesses, including Tesla, which have seen intense blowback. Tesla reported a big drop in profits in the first quarter. 'In terms of political spending I'm going to do a lot less in the future,' Musk said. Asked why, he responded that 'I think I've done enough.' Musk's statement marks a reversal of the course he had set during the 2024 campaign — when he was among the very top political spenders — and immediately after. Musk spent at least $250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and funding door-to-door canvassing groups across the seven most-competitive states in the November presidential election. Musk relished in the publicity, campaigning alongside Trump at times and headlining some of his own campaign rallies on the GOP nominee's behalf. And while he took credit for helping Trump return to the White House, Musk suffered a public defeat in April, after he became deeply involved in a Wisconsin Supreme Court campaign. Musk-backed groups America PAC and Rebuilding America's Future spent more than $21 million on the April 1 election in support of the Republican-backed candidate Brad Schimel. But Schimel's defeat by 10 percentage points in Wisconsin, a state Trump carried just five months earlier, was a blow to Musk, who campaigned for Schimel in Green Bay the weekend before the election and had also pledged to enforce Trump's agenda in the 2026 midterm elections. A week after Trump's November victory, Musk said the political action committees he supported would 'play a significant role in primaries,' adding later that he might help finance Republican challengers to GOP members of Congress who did not support Trump's nominees. 'How else? There is no other way,' Musk wrote on X, which he rebranded after purchasing Twitter, in response to the suggestion of supporting intraparty challenges. An adviser to Musk's PACs declined to comment Tuesday. Once Trump took office, Musk held a prominent role as an adviser and leader of DOGE. He and his acolytes in the department fanned out widely across the federal government to enact deep cuts to the workforce and spending, in some cases seeking to shutter entire agencies altogether. DOGE has pushed to fire tens of thousands of workers in downsizing at agencies, ranging from the IRS to Health and Human Services, and pressured tens of thousands more to take buyout and early retirement offers. And they sought to shut down agencies such as the U.S. Agency for International Development and the Consumer Financial Protection Bureau. With backing from DOGE, agencies have cancelled tens of thousands of government contracts and grants that they say do not align with the administration's priorities. Some of those moves were done so quickly that they had to be reversed after pushback or court rulings finding that they were illegal. Critics say it amounts to a reckless chain-saw approach that could destroy much of the nation's apolitical civil service, impair services for vulnerable populations, and halt critical research. DOGE claims on its 'Wall of Receipts' it has saved an estimated $170 billion, but those savings numbers have been shown to be flawed and inflated in many cases. Musk's role prompted intense pushback, including protests at his electric vehicle company, Tesla. Speaking to reporters earlier this month as he prepared to step back from DOGE, Musk noted the backlash. 'Being attacked relentlessly is not super fun,' he said. 'Seeing cars burning is not fun,' he added, referring to the instances of Tesla cars being smashed or set on fire. Musk's announced intention to step back from political spending comes during multiple new business opportunities, including a deal to host the latest versions of his Grok artificial intelligence chatbot on Microsoft's data centers. Meanwhile, his brain-computer interface company Neuralink is planning to implant its experimental devices in dozens more people and his electric-vehicle company Tesla is developing a humanoid robot that Musk hopes to one day send to Mars. Musk could change his mind about campaign spending. The 2026 midterm campaigns are just getting off the ground, while some candidates have not yet announced their candidacy for elections that remain 18 months away. But as of Tuesday, Musk said he did not expect to. 'Well, if I see a reason to do political spending in the future, I will do it," Musk said. "I do not currently see a reason.' Ali Swenson and Jill Colvin in New York City contributed to this report. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Ottawa Citizen
20-05-2025
- Business
- Ottawa Citizen
Elon Musk says he'll reduce political spending after heavily backing Trump in 2024
Article content WASHINGTON — Elon Musk, the richest person in the world and a key financial supporter of U.S. President Donald Trump, said Tuesday that he'll be spending 'a lot less' on political campaigns, a reversal that could be a setback for Republicans ahead of next year's midterm elections. Article content Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It speaks to his possible disenchantment with politics after his tumultuous tenure as Trump's pick to lead the newly created Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending. Musk has scaled back his government role to spend more time at his businesses, including Tesla, which have seen intense blowback. Tesla reported a big drop in profits in the first quarter. Article content Article content 'In terms of political spending I'm going to do a lot less in the future,' Musk said. Asked why, he responded: 'I think I've done enough.' Article content Article content Musk's statement marks a reversal of the course he had set during the 2024 campaign — when he was among the very top political spenders — and immediately after. Article content Musk spent at least $250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and funding door-to-door canvassing groups across the seven most-competitive states in the November presidential election. Musk relished in the publicity, campaigning alongside Trump at times and headlining some of his own campaign rallies on the GOP nominee's behalf. Article content And while he took credit for helping Trump return to the White House, Musk suffered a public defeat in April, after he became deeply involved in a Wisconsin Supreme Court campaign. Musk-backed groups America PAC and Rebuilding America's Future spent more than $21 million on the April 1 election in support of the Republican-backed candidate Brad Schimel. Article content Article content But Schimel's defeat by 10 percentage points in Wisconsin, a state Trump carried just five months earlier, was a blow to Musk, who campaigned for Schimel in Green Bay the weekend before the election and had also pledged to enforce Trump's agenda in the 2026 midterm elections. Article content Article content A week after Trump's November victory, Musk said the political action committees he supported would 'play a significant role in primaries,' adding later that he might help finance Republican challengers to GOP members of Congress who did not support Trump's nominees. Article content 'How else? There is no other way,' Musk wrote on X, which he rebranded after purchasing Twitter, in response to the suggestion of supporting intra-party challenges.
Vancouver Sun
20-05-2025
- Business
- Vancouver Sun
Elon Musk says he'll reduce political spending after heavily backing Trump in 2024
WASHINGTON — Elon Musk, the richest person in the world and a key financial supporter of U.S. President Donald Trump, said Tuesday that he'll be spending 'a lot less' on political campaigns, a reversal that could be a setback for Republicans ahead of next year's midterm elections. Musk disclosed his decision via videoconference during a Bloomberg forum in Doha, Qatar. It speaks to his possible disenchantment with politics after his tumultuous tenure as Trump's pick to lead the newly created Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending. Musk has scaled back his government role to spend more time at his businesses, including Tesla, which have seen intense blowback. Tesla reported a big drop in profits in the first quarter. 'In terms of political spending I'm going to do a lot less in the future,' Musk said. Asked why, he responded: 'I think I've done enough.' Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Musk's statement marks a reversal of the course he had set during the 2024 campaign — when he was among the very top political spenders — and immediately after. Musk spent at least $250 million supporting Trump in the presidential campaign, as the main contributor to America PAC, a super PAC that was active in advertising and funding door-to-door canvassing groups across the seven most-competitive states in the November presidential election. Musk relished in the publicity, campaigning alongside Trump at times and headlining some of his own campaign rallies on the GOP nominee's behalf. And while he took credit for helping Trump return to the White House, Musk suffered a public defeat in April, after he became deeply involved in a Wisconsin Supreme Court campaign. Musk-backed groups America PAC and Rebuilding America's Future spent more than $21 million on the April 1 election in support of the Republican-backed candidate Brad Schimel. But Schimel's defeat by 10 percentage points in Wisconsin, a state Trump carried just five months earlier, was a blow to Musk, who campaigned for Schimel in Green Bay the weekend before the election and had also pledged to enforce Trump's agenda in the 2026 midterm elections. A week after Trump's November victory, Musk said the political action committees he supported would 'play a significant role in primaries,' adding later that he might help finance Republican challengers to GOP members of Congress who did not support Trump's nominees. 'How else? There is no other way,' Musk wrote on X, which he rebranded after purchasing Twitter, in response to the suggestion of supporting intra-party challenges. An adviser to Musk's PACs declined to comment Tuesday. Once Trump took office, Musk held a prominent role as an adviser and leader of DOGE. He and his acolytes in the department fanned out widely across the federal government to enact deep cuts to the workforce and spending, in some cases seeking to shutter entire agencies altogether. DOGE has pushed to fire tens of thousands of workers in downsizing at agencies, ranging from the IRS to Health and Human Services, and pressured tens of thousands more to take buyout and early retirement offers. And they sought to shut down agencies such as the U.S. Agency for International Development and the Consumer Financial Protection Bureau. With backing from DOGE, agencies have cancelled tens of thousands of government contracts and grants that they say do not align with the administration's priorities. Some of those moves were done so quickly that they had to be reversed after pushback or court rulings finding that they were illegal. Critics say it amounts to a reckless chain-saw approach that could destroy much of the nation's apolitical civil service, impair services for vulnerable populations, and halt critical research. DOGE claims on its 'Wall of Receipts' it has saved an estimated $170 billion, but those savings numbers have been shown to be flawed and inflated in many cases. Musk's role prompted intense pushback, including protests at his electric vehicle company, Tesla. Speaking to reporters earlier this month as he prepared to step back from DOGE, Musk noted the backlash. 'Being attacked relentlessly is not super fun,' he said. 'Seeing cars burning is not fun,' he added, referring to the instances of Tesla cars being smashed or set on fire. Musk's announced intention to step back from political spending comes during multiple new business opportunities, including a deal to host the latest versions of his Grok artificial intelligence chatbot on Microsoft's data centres. Meanwhile, his brain-computer interface company Neuralink is planning to implant its experimental devices in dozens more people, and his electric-vehicle company Tesla is developing a humanoid robot that Musk hopes to one day send to Mars. Musk could change his mind about campaign spending. The 2026 midterm campaigns are just getting off the ground, while some candidates have not yet announced their candidacy for elections that remain 18 months away. But as of Tuesday, Musk said he did not expect to. 'Well, if I see a reason to do political spending in the future, I will do it,' Musk said. 'I do not currently see a reason.' 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