Musk’s money spigot

Elon Musk, who funneled much of almost $300 million in recent political donations to Donald Trump’s re-election effort, said on Tuesday he would significantly pull back from political spending. “I’m going to do a lot less in the future,” Musk said during an interview at the Qatar Economic Forum in Doha. “I think I’ve done enough.”

However, in the same discussion with Bloomberg’s Mishal Husain, Musk left open the possibility that his money could flow again. “If I see a reason to do political spending in the future, I will do it,” he added. Together, the statements could be seen as an effort by the multibillionaire to wring more policy concessions out of Republicans, according to Bloomberg Businessweek’s Elon, Inc. podcast, since they are likely counting on his cash for next year’s midterm elections.

Musk also said he’s committed to serving as Tesla’s CEO for the next five years and continued to criticize the Delaware judge who has twice ruled against a massive pay package the company awarded him in 2018. Tesla shares jumped after Musk’s comments about his commitment to staying on as CEO, rising as much as 3.6% in intraday trading. The stock has dropped 14% this year as more consumers rejected the brand, in part due to its association with Musk. —Jordan Parker Erb

What You Need to Know Today

Wall Street’s rally took a breather on Tuesday, with stocks falling following a six-day run that put the S&P 500 up almost 20% from April lows triggered by Trump’s trade war. A slide in big tech dragged down the equity benchmark, which also lost steam following an $8.6 trillion surge. Alphabet retreated during its Google I/O event. Tesla was the only megacap gaining as Musk reiterated his commitment to leading the company. Long-term Treasury yields climbed as fractious US budget negotiations kept focus on the growth in deficit spending amid the recent Moody’s downgrade of America’s debt.

The Trump administration will stop approving Covid booster shots for healthy adults and children without costly new studies that may cause pharma companies to balk, leading to less access to proven vaccines studies have shown saved millions of Americans during the pandemic. Food and Drug Association Commissioner Marty Makary, whose views on health and vaccines reportedly align with those of controversial Trump health secretary Robert F. Kennedy, and vaccine division head Vinay Prasad, who the Associated Press reported has been a critic of vaccine and mask mandates, outlined the approach in an article published Tuesday in the New England Journal of Medicine. The agency did say Covid shots can still be provided to the elderly and other high-risk individuals under the current system for approving boosters. More than a million Americans died during the pandemic.

Hong Kong’s pension fund managers have flagged the risk of potential forced selling on their US Treasury holdings after the Friday downgrade by Moody’s Ratings of US debt. Funds operating under the city’s HK$1.3 trillion ($166 billion) Mandatory Provident Fund system are only allowed to invest over 10% of their assets in Treasuries if the US has a AAA or equivalent rating from an approved agency. After last week’s cut by Moody’s, the only remaining such score is from Japan’s Rating & Investment Information Inc.

An ex-JPMorgan commodities trader was unfairly dismissed despite a London judge finding that he was likely engaged in spoofing through “unusual and suspicious” cocoa trades. Phil Remillard, who alleged the bank fired him to appease regulators after a spoofing scandal, wasn’t provided relevant documents and there was an unreasonable delay in the disciplinary process, the employment judge said.

Two aides of Mexico City’s mayor were shot dead by assailants on a motorbike, President Claudia Sheinbaum told reporters. In the latest politically tinged killings to rock the country, Mayor Clara Brugada’s private secretary Ximena Guzman and adviser Jose Muñoz were shot at an intersection in the borough of Benito Juarez in Mexico City. Sheinbaum, who was elected last year on a pledge to tame Mexico’s high violent crime rate, didn’t specify whether the mayor was the intended target. Political candidates are frequently targeted by violence, with last year’s national election seeing a record number of assassinations.

European and UK officials ratcheted up pressure on Israel over its decision to take over the entire Gaza Strip, expanding the international outcry over the humanitarian crisis caused by the war. International aid officials say most of the decimated territory’s 2 million residents are living in or near starvation conditions, and contend that a promised end of Israel’s blockade of food aid has yet to occur. British Prime Minister Keir Starmer’s government said it plans to pause free-trade talks with Israel and announced sanctions against a handful of individuals and entities it said were engaged in violence against Palestinians in the West Bank.

Spanish Foreign Minister Jose Manuel Albares said the European Union should use diplomatic measures—potentially including sanctions—to persuade Israel Prime Minister Benjamin Netanyahu to stop the assault. Albares and officials from other member countries are pushing for a review of whether Israel is violating human-rights provisions in the agreement that governs Israel’s relations with the trading bloc.

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