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Jun 1, 2025  |  
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NextImg:Elon Musk says he'll reduce political spending after heavily backing Trump in 2024

WASHINGTON — Elon Musk, the richest person in the world and a key financial supporter of U.S. President Donald Trump, said Tuesday that he’ll be spending “a lot less” on political campaigns, a reversal that could be a setback for Republicans ahead of next year’s midterm elections.