This is the latest public signal that Musk is shifting his attention back to his business empire amid growing investor concerns.

Musk also said he was committed to staying on as Tesla's CEO for another five years, seeking to address questions about how he has balanced his role at the automaker with his involvement in the Trump administration, where he had overseen a massive cost-cutting effort across the federal bureaucracy.

"In terms of political spending, I'm going to do a lot less in the future," Musk said at an economic forum in Qatar. "I think I've done enough."

If Musk, the world's richest person, follows through on his plan, it could cost Trump and the Republican Party their biggest donor and aid his companies' fortunes. His wealth is primarily tied to stakes in Tesla and rocket maker SpaceX, though he also owns shares in and leads other companies.

Musk's role as one of Trump's most prominent backers - enhanced by his ownership of the social media site X - has prompted protests against Tesla, driving down its sales and stock price.

However, the billionaire did not fully close the door to spending on politics down the road.

"If I see a reason to do political spending in the future, I will do it," Musk said.

A White House source played down Musk's decision, saying he remains fully committed to Trump and his party. The source said Musk's support will continue via multiple channels, including as an adviser, through financial contributions and informal influence within donor networks.

With Reuters.