Elon Musk’s pledge to retreat from campaign spending — if he means that — is rippling across the country’s political landscape.
Some Republicans are worried that they are losing whales. Some Democrats fear they’re losing their foil.
That’s important because Musk injects unprecedented levels of spending into the presidential election and allows them to do the same thing across the mid-term national race with the governor of Virginia in November.
It suddenly got doubtful when Tesla CEO told interviewers on Tuesday that he was away from political spending after bombarding hundreds of millions of dollars to help Donald Trump win the presidency last year.
“I’ll take his toys and go home,” said Steve Bannon, Trump’s ally who verbally promoted musk.
Musk, the world’s wealthiest man with a net worth, is estimated at over $420 billion, and he announced “far less” political spending. It’s a major shift from days after Trump’s victory in November, when Musk posted to social media, “smashing” election funds and “playing a key role in the primary.”
The U.S. PAC, a Musk group, spent nearly $20 million in the hopes of increasing Republicans in the Swinghouse area. He also regularly joined Trump on campaign trails last year, offering several voters cash prizes, including $1 million in prizes. He ultimately spent more than $260 million on the 2024 election cycle, and even helped Florida’s special election this year.
But Musk’s political capital appears to have declined after he contributed more than $19 million to support him and the group that built the future for America and Republican Brad Simel, who lost 10 percent points. The public face of a massive overhaul of the Department of Government Efficiency federal workforce, Musk has won the rage of many Americans. His automotive company Tesla faced financial headwinds and Musk said he, along with his other businesses, will refocus his efforts on the flailing company.
In Virginia, Republicans were hoping to make his mark given that Musk is the most competitive statewide race this year. GOP gubernatorial candidate Winsome Earle-Sears has the hopes of GOP gubernatorial candidates facing a major cash disadvantage against Democrat Abigail Spanberger.
Whether masks actually stop contributing is still an open question. When asked about Musk’s decision to withdraw as a GOP donor, one Virginia Republican admitted anonymity to speak freely.
In Pennsylvania this year, Republicans and Democrats are preparing for the Supreme Court race in November, where three people will maintain justice. It can bring about repeating Wisconsin elections. Democrats and Republicans have begun debating whether masks play a role in race. The Philadelphia Inquirer warned that one Democratic candidate, Judge Kevin Dorgerty, has “already invested $1 million,” but could not be confirmed through campaign reports.
Democrats in particular do not expect high-tech billionaires to withdraw from political spending entirely, and he hopes to focus their contributions legally through undisclosed, dark money instruments.
“Through nonprofits, he believes he will start moving money in the background,” said Pat Dennis, president of the leading American Bridges of the Democratic Super PAC. “There’s going to be a lot more now.”
Dennis also argued that masks could help them leave publicly. Democrats focused on Congressional Republicans to cut down federal programs, claiming that Musk served as a “shield” for them when he was the de facto head of the Doge.
A spokesperson for the US PAC declined to comment on the fact that the mask announcement meant something to the group.
Even some Republicans aren’t sure exactly what the mask announcement means in the future.
“I believe he means that now, but every election is unique,” said Josh Nobotney, a Republican consultant. “So he might be motivated to re-activate in the future.”
Even if Musk cut the volume of his campaign spending significantly, several lawmakers on Wednesday said they appreciated what Musk did for the party.
Senator Ted Cruz Musk said “it made an extraordinary difference in the 2024 race.” Sen. Mark Wayne Mullin (R-Okla.) said he texted Musk on Tuesday to say how grateful he was for what he did.
“He’s working hard. He’s not involved in politics and he saw the opportunity to make a difference so he jumped in,” Marin said. “Now he’s back to his life. I don’t blame him. In fact, I praise him.”
Elena Schneider and Jessica Piper contributed to this story.
