Musk doesn't sound like he's "backing away from American politics."
In fact, he's threatening to upend it, by throwing big money into the mid-terms:
I don't think Musk (and Thomas Massie and other libertarian-adjacent types) are reading the room correctly here and they won't garner much support. "Balancing the budget" and "reducing debt" is a libertarian/oldschool conservative talking point, but nobody cares really. People perceive all of this as funny-money anyway - like what difference does it make if we reduce debt? Or even balance the budget? What do I care if we have 3.5 quadrillion debt or 3.1 quad-drupliion? The way it looks to folks, either the system will break down no matter what because it's been out of all proportion for decades now, or it doesn't, but reducing debt service somewhat won't change anything. People would rather see the wall built and the borders closed etc. even if it means handing out billions to cronies alongside than not doing it for the sake of "fiscal responsibility". Trump clearly understands that.