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Elon Musk’s pledge to step back from campaign spending — if he means it — is rippling across the nation’s political landscape.
Some Republicans are worried that they might be losing their whale. Some Democrats fear they are losing their foil.
It matters because Musk injected an unprecedented level of spending into the presidential race and could do the same in November’s Virginia governor’s race and around the country in the midterms.
That was suddenly put in doubt Tuesday, when the Tesla CEO told an interviewer that he’s backing away from political spending after shelling out hundreds of millions of dollars to help Donald Trump win the presidency last year.
“Taking his toys and going home,” said Steve Bannon, a Trump ally who has verbally sparred with Musk.
Musk, the world’s richest man with a net worth estimated at more than $420 billion, announced that he will “do a lot less” political spending, a surprise reversal of his promise to continue to play a major role influencing U.S. elections. It’s a significant turnaround from the days after Trump’s win in November, when
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