Elon Musk pledges to spend less money on politics as he commits future to Tesla

20 May 2025, 17:53

Elon Musk, wearing two hats, speaks during a cabinet meeting in the Cabinet Room
Elon Musk, wearing two hats, speaks during a cabinet meeting in the Cabinet Room. Picture: Getty

By Henry Moore

Hard-right billionaire Elon Musk has promised he will still be leading Tesla in five years time as he committed to spending less on political campaigns in the future.

Listen to this article

Loading audio...

The carmaker and Donald Trump ally said he will cut back on political spending after heavily backing the Republican candidate in 2024.

Questions over Tesla’s leadership were put to Musk during a video appearance at the Qatar Economic Forum hosted by Bloomberg after he recently travelled to Doha as part of Trump's Middle East trip last week.

Musk has faced growing pressure to step down from the electric car brand after stock prices plummeted in the wake of his decision to back a number of hard-right political parties.

A moderator asked: "Do you see yourself and are you committed to still being the chief executive of Tesla in five years' time?"

Read more: UK hits Russia with 100 new sanctions to 'ramp up' the pressure after Putin-Trump call

Elon Musk performed what some called a 'nazi salute' during an inauguration speech, he denies this.
Elon Musk performed what some called a 'nazi salute' during an inauguration speech, he denies this. Picture: Getty

Musk responded: "Yes."

The moderator pushed further: "No doubt about that at all?"

Musk added, chuckling: "I can't be still here if I'm dead."

Tesla has faced intense pressure as Musk worked with Trump as part of its self-described Department of Government Efficiency (Doge) effort, particularly amid its campaign of cuts across the US federal government.

Asked if what he faced made him think twice about his involvement in politics, Mr Musk looked off camera for a moment before responding.

"I did what needed to be done," he said.

"I'm not someone who has ever committed violence and yet massive violence was committed against my companies, massive violence was threatened against me."

He added: "Don't worry: We're coming for you."

Musk spent at least 250 million dollars (£187 million) supporting Trump in the presidential campaign, and even held some of his own campaign rallies.

He also got involved in a Wisconsin Supreme Court race this year, although his preferred candidate lost.

"I'm going to do a lot less in the future," Musk said. Asked why, he responded: "I think I've done enough."