- Elon Musk says he's pulling back from political spending.
- That's a big reversal from what he said he'd do months ago.
- Now, the GOP is going to have to make up the gap somehow.
Elon Musk once seemed primed to be an unlimited piggy bank for President Donald Trump and the GOP, keeping the party afloat while quashing internal dissent with the threat of an avalanche of money.
Now, that's all been thrown into doubt.
The world's richest man — by far the biggest political donor in America in 2024 — said on Tuesday that he'll be spending "a lot less" on elections in the future. "I think I've done enough," he told an interviewer. "If I see a reason to do political spending in the future, I will do it. I do not currently see a reason."
It's something of a reversal for the DOGE leader, who once said that his super PAC, America PAC, would "play a significant role in primaries." He'd even pledged to go after Democrats and get involved in local district attorney races.
Both his supporters and critics within the GOP expected him to throw around his weight. Rep. Marjorie Taylor Greene of Georgia said that any senator who voted against Trump's nominees would "have to deal with Elon Musk and his great new PAC," while Sen. Lisa Murkowski of Alaska mused about Musk spending "the next billion dollars that he makes off of Starlink" against her.
It's unclear now exactly how much his political spending will decrease, and a spokesman for America PAC declined to comment. Musk could also change his mind or choose to route his fortune through "dark money" non-profit groups that don't have to disclose their donors.
"He's just trying to hide in the shadows," said Democratic Rep. Mark Pocan of Wisconsin, saying that Republicans "realize he's a liability, and they just want to put him in the back closet."
Musk spent nearly $300 million in 2024, and it wasn't just on Trump. He also spent more than $19 million on House races and gave more than $12 million to GOP super PACs that spent in Senate elections.
A diminished Musk is by no means the death knell for the GOP. The tech titan only started spending big on elections last year, and there are other sources of money for Republican campaigns. Republicans who spoke with BI generally dismissed concerns that Musk's step-back would have an impact.
"I don't think it's a major factor," Republican Sen. Kevin Cramer of North Dakota told BI. "I mean, to be honest, large-donor donations aren't really the recipe for success anyway these days. It's more small ones."
"I gotta be candid with you, I really don't care," said Republican Rep. Don Bacon of Nebraska, who benefitted from more than $864,000 in spending by Musk's PAC last year.
But it's still a massive financial gap that the party would have to make up somehow.
For now, Republicans' House and Senate campaign arms are remaining mum on what it all means: A spokesperson for the National Republican Campaign Committee declined to comment, while the National Republican Senatorial Committee did not respond to a request for comment.
On both sides of the aisle, lawmakers said that Musk's move is likely a response to the intense blowback that he and his businesses have endured over DOGE, with Democrats managing to turn the tech titan into a boogeyman.
"I get it," Republican Rep. Tim Burchett of Tennessee said of Musk's pull-back. "He suffered the consequences. The left came at him pretty hard."
Democrats have felt especially vindicated after a Wisconsin Supreme Court election in April, where Musk spent millions of dollars backing a Republican candidate who ultimately lost by ten points.
"This proves that that an anti-billionaire, pro-worker strategy works," Democratic Rep. Greg Casar of Texas told BI. "Republicans have thought that people having infinite money to spend for them is an asset. Democrats can make Musk's, and other oligarchs' money, toxic in elections if we're willing to make the case to the American people."
