Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he'll be spending ''a lot less'' on political campaigns, a reversal that could be a setback for Republicans ahead of next year's midterm elections.

He spent hundreds of millions to elect President Trump. But now he’s less visible in Washington, says he’ll spend less on future elections and is even posting less about Mr. Trump on social media.

Elon Musk said he plans to spend "a lot less" on political contributions after supporting Donald Trump in the 2024 presidential election.

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.

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.