With a key governor's race coming in November and the 2026 midterms already looming, Republicans were caught flatfooted by Elon Musk's statement that he is stepping back from contributing to political campaigns after spending the last year spending on campaigns like there is no tomorrow.
According to the billionaire who has been accused of buying a second term for Donald Trump as part of his $288 million campaign largesse, he is backing off, telling attendees at the Qatar Economic Forum on Tuesday, he planned to “do a lot less” political spending “in the future,” and then adding, “I think I’ve done enough.”
As Politico's Liz Crampton, Andrew Howard and Holly Otterbein put it: "Some Republicans are worried that they might be losing their whale."
Musk's pronouncement came as news to Republicans who are still hoping he will shore up the campaign of Virginia's GOP candidate Winsome Earle-Sears who "faces a major cash disadvantage against Democrat Abigail Spanberger."
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With Musk foe Steve Bannon quipping Musk is "Taking his toys and going home,” the report notes "Musk’s political capital seems to have faded after he and groups he backed — America PAC and Building America’s Future — contributed more than $19 million to support Wisconsin Supreme Court candidate Brad Schimel, a Republican who lost by 10 percentage points."
GOP consultant Josh Novotney held out hope that Musk will get back in the game, telling Politico, "I believe he means it right now. But every election is unique. So he may be motivated to be active again in the future.”
The report goes on to note that three seats on the Pennsylvania Supreme Court will be contested in November leading to speculation it could be a repeat of the recently concluded Wisconsin battle –– but without Musk's cash.
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