‘Taking his toys and going home’: Musk’s exit from political spending leaves some Republicans cold

Elon Musk’s decision to step back from political spending — if he follows through — is sending shockwaves through the US political scene.

While some Republicans worry they’re losing a major financial backer, some Democrats fear they’re losing a high-profile adversary.

The stakes are high because Musk injected an unprecedented amount of money into last year’s presidential race and was poised to do the same in Virginia’s upcoming gubernatorial contest and in the midterm elections nationwide.

But that outlook changed abruptly on Tuesday, when the Tesla CEO said in an interview that he’s stepping back from political donations after spending hundreds of millions to support Donald Trump’s presidential victory.

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“Taking his toys and going home,” Politico quoted Steve Bannon, a Trump ally who has verbally sparred with Musk, as saying.

Elon Musk, the world’s richest man with a net worth over $420 billion, has unexpectedly announced he’ll be “doing a lot less” political spending, a sharp reversal from his earlier pledge to heavily influence US elections.

Just after Trump’s November win, Musk vowed to “keep grinding” on election funding and play a key role in the primaries. His group, America PAC, spent nearly $20 million to boost Republicans in swing House districts.

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Musk also joined Trump on the campaign trail and handed out $1 million prizes to select voters. Altogether, he poured over $260 million into the 2024 cycle, including contributions to two Florida special elections.

But his political momentum has cooled.

According to a Politico report, Musk and his allied groups sank more than $19 million into Wisconsin’s Supreme Court race, backing Republican Brad Schimel — who lost by 10 points.

Meanwhile, Musk’s image took a hit as the face of a sweeping federal workforce overhaul, and Tesla struggled financially. He now says he’ll shift focus back to his businesses, added the report.

In Virginia, Republicans had expected Musk to get involved, given the state hosts the most competitive statewide races this year. Some still hope he’ll jump in: GOP gubernatorial candidate Winsome Earle-Sears faces a steep fundraising gap against Democrat Abigail Spanberger.

Whether Musk truly steps back from political spending remains uncertain.

Asked about his supposed pullback, one Virginia Republican, speaking anonymously to Politico, said simply, “Eh, we’ll see.”

In Pennsylvania, both parties are bracing for high-stakes Supreme Court retention races this November. The contest could mirror Wisconsin’s, where Musk-backed efforts fell flat. Rumors are already swirling about Musk’s involvement, with the Philadelphia Inquirer reporting that Democratic Justice Kevin Dougherty claimed Musk has “already invested $1 million” — though campaign filings haven’t confirmed that.

Democrats, in particular, doubt Musk will disappear from politics entirely. They expect he may simply shift his support behind the scenes, using legal but opaque “dark money” channels.

“I believe he will start moving his money in the background, through nonprofits,” Politico quoted Pat Dennis, president of American Bridge, a major Democratic super PAC, as saying.

Dennis also argued that Musk stepping away publicly may help Democrats narrow their focus back on congressional Republicans for cutting federal programs and that Musk had initially served as a “shield” for them when he was the de facto head of DOGE.

Even some Republicans are unsure exactly what Musk’s announcement will mean for the future.

“I believe he means it right now. But every election is unique,” Republican consultant Josh Novotney told _Politic_o. “So he may be motivated to be active again in the future,” he added.

Even if Musk scales back his campaign spending, several lawmakers on Wednesday expressed gratitude for his past support.

Sen. Ted Cruz said Musk had made “an extraordinary difference in the 2024 race,” while Sen. Markwayne Mullin (R-Okla.) shared that he texted Musk on Tuesday to thank him personally for his contributions.

“He’s worked hard. He wasn’t involved in politics and he jumped all in because he saw an opportunity to make a change,” Politico quoted Mullin as saying.

“Now he’s going back to his life. I don’t blame him. In fact, I commend him,” he added.

With inputs from agencies