Elon Musk Planning To Reduce Political Spending

Tesla CEO Elon Musk announced that he will reduce his political spending. The announcement indicates that the billionaire is shifting his attention back to his business empire. Musk spent nearly $300 million dollars on Donald Trump’s election campaign.

"In terms of political spending, I'm going to do a lot less in the future," the Tesla and SpaceX CEO said during an interview at the Qatar Economic Forum. "I think I've done enough," he added. The billionaire also said that he was committed to leading Tesla for another five years. Musk's significant backing of Trump has incited protests against Tesla, which in turn has negatively affected the company's sales and stock valuation.

Musk, who was tasked by Donald Trump to informally oversee the Department of Government Efficiency, had mostly avoided direct involvement in politics until last year. Musk recently said that he planned to scale back his time spent on US administration. According to CBS News, Elon Musk has not been physically present at the White House as frequently since the end of last month.