Billionaire Elon Musk, the top donor in the 2024 election who helped boost President Donald Trump's path to victory, says he plans to scale back his political spending.

Elon Musk criticizes President Trump's legislative agenda, which includes tax cuts and immigration enforcement. He described it as a 'massive spending bill' and voiced disappointment, fearing it increases the federal deficit.

Musk, who ultimately spent more than $250m (£187m) in support of Trump's campaign, told an economic conference in Qatar that he planned to do "a lot less" spending in the future. He also said he was committed to leading electric car company Tesla for another five years.

Lawmakers on both sides of the aisle said that Musk's move is likely a response to the intense blowback that he's endured over DOGE.

Elon Musk, who spent nearly $300 million to back Donald Trump's presidential campaign and other Republicans last year, said on Tuesday he will cut his political spending substantially, the latest public signal that he is shifting his attention back to his business empire amid growing investor concerns.

It was the latest sign that Mr. Musk is fading into the background of American politics — at least for now. “In terms of political spending ... and their impact on the world.

Elon Musk needs little ... of a billion dollars to various political groups in the 2024 cycle, mostly supporting Donald Trump. I think in terms of political spending I’m going to do a lot ...

As he retreats from Washington, Elon Musk says he will spend “a lot less” on politics. Close advisers say he is eager to return to prior obsessions.