Politics
Musk’s decision to limit political spending leaves some Republicans cold
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, announcement 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 Musk posted on social media that he would “keep grinding” away at election funding and “play a significant role in primaries.”
Musk’s group, America PAC, spent nearly $20 million aiming to boost Republicans in swing House districts. He also joined Trump regularly on the campaign trail last year and offered cash giveaways — including $1 million prizes to a few voters. He eventually spent more than $260 million on the 2024 election cycle and even contributed to two Florida special elections this year.
But 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. The public face of the Department of Government Efficiency’s massive overhaul of the federal workforce, Musk earned the ire of many Americans. His car company Tesla faced financial headwinds, and Musk said he’d refocus his efforts on the flailing company along with his other businesses.
In Virginia, Republicans were expecting Musk would want to make his mark, given that’s where the most competitive statewide races are taking place this year. Some are still holding out hope that will happen: GOP gubernatorial candidate Winsome Earle-Sears faces a major cash disadvantage against Democrat Abigail Spanberger.
Whether or not Musk actually stops contributing is still an open question. Asked about Musk’s decision to withdraw as a GOP donor, one Virginia Republican, granted anonymity to speak freely, said: “Eh, we’ll see.”
In Pennsylvania this year, Republicans and Democrats are gearing up for Supreme Court races, where three justices are up for retention in November. It could bring a repeat of the Wisconsin election: Democrats and Republicans started discussing whether Musk would play a role in the races, withthe Philadelphia Inquirer reporting that one Democratic candidate, Justices Kevin Dougherty, warned that “Elon Musk has already invested $1 million,” though that couldn’t be verified yet through campaign reports.
Democrats especially don’t expect the tech billionaire to fully withdraw from political spending, and they expect him to funnel contributions legally through non-public, dark money means.
“I believe he will start moving his money in the background, through nonprofits,” said Pat Dennis, president of American Bridge, a major Democratic super PAC. “It’ll be a lot more of that now.”
Dennis also argued that Musk stepping away publicly may help Democrats narrow their focus back on congressional Republicans for cutting federal programs and that Musk had initially served as a “shield” for them when he was the de facto head of DOGE.
A spokesperson for America PAC declined to comment on what Musk’s announcement meant for the group.
Even some Republicans are unsure exactly what Musk’s announcement will mean for the future.
“I believe he means it right now. But every election is unique,” said Republican consultant Josh Novotney. “So he may be motivated to be active again in the future.”
Even if Musk greatly reduces his amount of campaign spending, several lawmakers on Wednesday said they appreciated what Musk had done for the party.
Sen. Ted Cruz said Musk made “an extraordinary difference in the 2024 race.” Sen. Markwayne Mullin (R-Okla.) said he texted Musk Tuesday to say how thankful he was for what he’d done.
“He’s worked hard. He wasn’t involved in politics and he jumped all in because he saw an opportunity to make a change,” Mullin said. “Now he’s going back to his life. I don’t blame him. In fact, I commend him.”
Elena Schneider and Jessica Piper contributed to this story.
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Republicans’ youth voter problem
Two years after young voters swung to the right in 2024, helping return Republicans to unified control of Washington, economic concerns are pushing 18- to 34-year-olds back to the left for the midterms, according to a new national survey of more than 1,000 young Americans.
The poll from nonpartisan outfit Generation Lab, shared exclusively with POLITICO, amounts to a flashing warning sign for Republicans. It shows young Americans planning to vote Democratic in November by a margin of 52 percent to 19 percent. Broken down by party, the data indicates that the GOP has a significant base problem: Just 58 percent of young Republicans say they’ll vote GOP — with nearly a third selecting “neither” or “won’t vote.” By contrast, 85 percent of young Democrats intend to show up for their party at the ballot box.
Just as in 2024, deep discontent with the state of the economy is driving anger at the party in power. Now, 81 percent of young Americans rate U.S. economic conditions as bad or terrible — including 68 percent of Republicans. The younger the age bracket, the more optimism diminishes.
President Donald Trump shoulders most of the blame among respondents, with 41 percent who rate the economy negatively naming him as the top culprit, plus 9 percent who select congressional Republicans. But it’s not just the GOP: Another 31 percent finger corporate greed/large companies. Just 6 percent blame Joe Biden or congressional Democrats.
In many ways, the polling looks like an inverse of Democrats’ struggles in the 2024 cycle, when surveys showed that voters didn’t personally experience the positive economic image projected by the Biden administration.
“We tie this really closely to what people can see and feel and touch in terms of their own personal economic situation,” Cyrus Beschloss, Generation Lab’s founder and CEO, told Blue Light News. “Saying that affordability is a ‘line of bullshit’ is definitely not helping — to the extent that young people are clued into that.”
But a caveat remains. “Young people are voting at just obscenely low rates,” Beschloss said. Insofar as this demographic might swing to or from Republicans, “their power’s a lot more concentrated in social force” — as cultural barometers and pace-setters — “than it is electoral force.”
Young people’s social force on GOP politics looks highly negative right now, and not just over concerns about inflation, housing, jobs and gas prices. The survey also finds mass blowback to the U.S.-Israel war with Iran: Seventy-seven percent of young Americans say the U.S. made the wrong decision in striking Iran, and 75 percent say they disapprove or strongly disapprove of Trump’s handling of the military action.
Republicans are keenly aware of voters’ cost-of-living and economic concerns — but they argue that they’re positioned to sway Americans here with a message focused on lower government spending, new tax breaks and blaming Democrats.
The GOP is also addressing bad economic feelings head on by telling voters that they’re cleaning up messes created by Democrats. And following on Trump’s 2024 strategy, Republicans have doubled down on TikTok and other social-media content/branding that reaches young people where they are. Candidates speaking to voters directly works well, the party has found, as does pro-America content that can go viral organically — think Artemis II or the semiquincentennial.
“After years of skyrocketing costs and economic uncertainty under Joe Biden and Democrats, combined with the left’s alienating, out-of-touch rhetoric, young Americans are fed up with empty promises,” said RNC national press secretary Kiersten Pels. “They want real results, and Republicans are speaking directly to them in a way that resonates.”
The strong GOP push could yet pay dividends. “I really … would not discount how much the Republican world has been focused on running a really tight operation in terms of not only getting more young men into their camp but keeping them there,” Beschloss said.
But Democrats have built out their own infrastructure to compete, including creator networks for candidates to work with and new resources devoted to communicating via YouTube, podcasts, social media, influencers and Substacks.
And the economic concerns are a lay-up for Democrats’ midterms messaging writ large, they say, which puts affordability front and center — the kind of laser-focused approach that scored the party big wins in 2025. “Young voters’ top concern is affordability, and we’ve been beating the drum on that issue all cycle,” said DCCC spokesperson Aidan Johnson. “Many don’t think they will ever be able to buy a home, or are graduating out of high school and college with not nearly the same kind of opportunities that their parents had.”
Looking beyond the midterms: The Generation Lab also asked young Americans about the 2028 presidential race — and at this early stage, name recognition seems to be paramount.
Democrats like Kamala Harris and Rep. Alexandria Ocasio-Cortez (D-N.Y.) best, at 31 and 23 percent respectively. Republicans pick Vice President JD Vance (25 percent) and then HHS Secretary Robert F. Kennedy Jr. (13 percent). And tied for seventh overall, at 4 percent each among all young Americans: Jon Stewart, Mark Cuban and Tucker Carlson.
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