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Elon Musk Lags on Political Spending
Billionaire Elon Musk announced on Tuesday that he plans to reduce his political expenditures, asserting that his electric vehicle company, Tesla, continues to thrive despite backlash from his support of former President Donald Trump.
Speaking via video link from Austin, Texas at Bloomberg’s Qatar Economic Forum, Musk said, “I’m going to significantly cut back on political donations in the future.”
As the richest man in the world, Musk previously invested hundreds of millions in Trump’s political campaign. Speculation in Washington has grown about whether he would maintain such financial support.
“If a reason for political spending comes up in the future, I might consider it. But at this moment, I don’t see any need,” he stated during a candid interview.
Musk’s remarks have sparked conversations about whether his close association with Trump is beginning to wane, especially as he steps down from his informal role addressing government efficiency, now dedicating only two days a week to the task.
Tesla, the primary source of Musk’s wealth, has faced brand challenges due to his political activities, notably his alignment with Trump and his public backing of the far-right Alternative for Germany (AfD) party. This political backdrop has resulted in protests and vandalism at Tesla dealerships across the U.S. and elsewhere.
When asked if he was concerned about the potential impact of his political positions on Tesla’s sales, Musk was dismissive, asserting the company is performing well. “Aside from a sales dip in Europe, we’re doing well globally,” he said, highlighting the resilience of Tesla’s stock price on Wall Street.
“We’ve surpassed a trillion dollars in market capitalization. Clearly, the market recognizes the situation, and (Tesla) is already making a recovery,” he concluded.
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