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.

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.