If I see a reason to do political spending in the future, I will do it. I don't currently see a reason,” he said.

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

Tesla CEO Elon Musk has pledged to be less involved in politics and assured investors he would remain at the helm of the company for the next five years. His remarks triggered a brief intraday rebound in Tesla shares.