Shares in Tesla Inc. recently traded nearly 2% higher, even as the S&P 500 index dipped, as Chief Executive Elon Musk said he planned to cut back on his political spending and declared that the car company’s sales are improving.

I think I’ve done enough,” the Tesla CEO said Tuesday, months after plowing at least $288 million into the 2024 election to help Trump and other Republicans.

Earlier reports suggested Tesla’s board was searching for a successor to Musk, who shot down the claim as “deliberately false.”