Elon Musk criticizes Trump's spending bill that could increase deficit by $600 billion, marking policy disagreement after campaign support.

Billionaire Elon Musk, the top donor in the 2024 election who helped boost President Donald Trump's path to victory, says he plans to scale back his political spending.

Elon Musk criticizes President Trump's legislative agenda, which includes tax cuts and immigration enforcement. He described it as a 'massive spending bill' and voiced disappointment, fearing it increases the federal deficit.

Lawmakers on both sides of the aisle said that Musk's move is likely a response to the intense blowback that he's endured over DOGE.

He spent hundreds of millions to elect President Trump. But now he’s less visible in Washington, says he’ll spend less on future elections and is even posting less about Mr. Trump on social media.

Musk, who ultimately spent more than $250m (£187m) in support of Trump's campaign, told an economic conference in Qatar that he planned to do "a lot less" spending in the future. He also said he was committed to leading electric car company Tesla for another five years.

Elon Musk, who spent nearly $300 million to back Donald Trump's presidential campaign and other Republicans last year, said on Tuesday he will cut his political spending substantially, the latest public signal that he is shifting his attention back to his business empire amid growing investor concerns.

As he retreats from Washington, Elon Musk says he will spend “a lot less” on politics. Close advisers say he is eager to return to prior obsessions.