Provided by Nandita Bose, Andrew Mills and Akash Srram
DOHA/Washington (Reuters) -elon Musk, who spent nearly $ 300 million last year to support Donald Trump’s presidential campaign and other Republicans, said Tuesday that he would substantially reduce his political expenditure -the last public signal that he directs his attention to his business empire with increasing investors’ concern.
Musk also stated that he had committed himself for another five years to hold Tesla CEO to solving questions about how he balanced his role in the car manufacturer by participating in Trump’s administration, where he overseen the huge cost -reduction efforts throughout the federal bureau.
“When it comes to political costs, I will make much less in the future,” said Musk in the Economic Forum in Qatar. “I think I did enough.”
If Musk, the richest man in the world, will follow his plan, it can cost the short and Republican party their largest donor, but it can also help his companies stay. His assets are primarily related to the share of Tesla and Rocket SpaceX, although it also owns other companies.
Musk, as one of the most prominent supporters of Trump, has prompted protests against Tesla by reducing sales and stock price under one of the most prominent supporters of the Trump.
However, the billionaire did not fully close the door to release politics on the road.
“If I see a reason to make political costs in the future, I will do it,” said Musk.
The Source of the White House annulled Musk’s decision, saying that he remains completely devoted to the Trump and his party. The source said Musk support would continue through several channels, including the advisor, through financial contribution and informal influence on donor networks.
The source said the White House believes that the redevelopment of Musco is based on the response to the growing political attacks, adding that the president supports Musk’s decision to rethink the sponsor he wants to be.
Another source, familiar with Musk’s thinking, said he did not expect a musk to be at all expected that the political retreat and that the decision was partially encouraged by the desire to help his business recover.
A powerful adviser to the White House
The main Musk Political Spending Group, America Pac, refused to comment.
Last year, Musk took over hundreds of millions of dollars to the Republican -coordinated Super Pacs, funding the fighting local operations and media campaigns that helped to strengthen the brief message.
He also spent more than $ 20 million this spring to support a conservative candidate in the Wisconsin Supreme Court race, helping to turn it into the most expensive judicial competition in US history. However, the liberal candidate easily won the election as an early referendum on the second short term.
Musk’s retreat can force Republicans to lean more on traditional mega -onors and strengthen the collection of local funds before the next year’s Congress election.
“Can it be affected? Maybe, but may not because there are many other places to raise money,” said Ron Bonjean, a Republican veteran in Washington. “Musk has made it easier. But now that Trump is the president, he is the chief voter of funds.”
After January Trump’s inauguration, Musk quickly became a powerful force in the White House.
He headed the so -called Government Efficiency Department, which sought to abolish tens of thousands of jobs and to cancel billions of dollars and grants, including most US foreign aid, often chaotic.
However, his political views have led to protests against Tesla waves in the US and Europe, resulting in a decline in sales.
The car manufacturer reported his first decrease in annual presentations last year, while analysts expect another fall this year after the first quarter decreases by 13%.
The time that Musk spent Tesla was associated with some investors.
To ease those worries, Musk said last month to investors that since May. Will reduce your time with doge to a day or two per week.
Surveys show that musk is unpopular in the US
According to Reuters/Ipsa polls, the public attitude towards musk in the US is heavily divided into guerrilla lines. Most Republicans say they have a favorable approach to a technical magnate and a huge part of the Democrats that are the opposite. In general, 58% of respondents in a survey conducted on May 12-13 stated that they had an unfavorable Musk approach compared to 39% who had a favorable approach to him.
A man who knows Musk’s efforts in Trump’s administration described him in April. Reuters as “exhausted and fascinated”, especially for their companies’ shock.
On Tuesday, Musk said Tesla’s control was the most important factor in staying for the CEO.
He said he was uncomfortable to grow Tesla as AI and a robotics leader last year without 25% of voting control.
Tesla shares briefly raised 3.3% of comments, but later increased profits to sell by about 1%. Since Trump’s inauguration, the stake has decreased by about 20%, after the initially increased optimism that the administration will clear the adjustment path to the Robothaxseed installation path, which Musk was linked as the main engine value of Tesla’s market value.
Earlier this month, Tesla chairman Robyn Denholm denied a report from the Wall Street Journal, stating that board members had contacted several executive search firms to find a musk substitute.
Musk said Tesla had already decided at the event and demand was strong in the regions except Europe.
(Andrew Mills and Federico Maccioni Reports in Doha, Akash Srram and Aditya Soni Bengaluru, Nandita Bose and Jason window in Washington and Alexandra Ulmer San Francisco; wrote Joseph Ax, Elwely Elwellly and Michael Georgy;
