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.”

Elon Musk, who spent nearly $300 million to back Donald Trump's presidential campaign and other Republicans last year, said on Tuesday he will cut his political spending substantially, the latest public signal that he is shifting his attention back to his business empire amid growing investor concerns.