Elon Musk to spend less money on politics

(CNN, KYMA/KECY) - Billionaire Elon Musk shelled-out a record amount of money to help President Donald Trump win the 2024 election. But now, the Tesla and SpaceX CEO says he'll be pulling back.

Musk was interviewed at the Qatar Economic Forum where he told a moderator with Bloomberg he'll be doing a lot less political spending in the future because he doesn't see an immediate need for it.

He spent more than $290 million to help Trump and favored congressional candidates in their races.

Musk then turned his attention to the Wisconsin Supreme Court race. Groups tied to Musk spent more than $20 million on a judge's race where his preferred candidate, Brad Schimel, ultimately lost.

Musk previously committed to pouring $100 million into political groups controlled by Trump.

It's not clear if Musk's remarks signal any change in that financial pledge.

Musk also said Tuesday he plans to continue leading Tesla for at least another five years.