Elon Musk said he plans to significantly cut political spending and is committed to staying on as Tesla's CEO for another five years, aiming to address concerns about balancing his role at the automaker with his involvement in the Trump administration.

Elon Musk reaffirms commitment to Tesla and addresses political backlash, saying he’ll reduce campaign spending.

It was recently reported that Tesla board members started to reach out to executive search firms to see if they could find a new CEO. It’s understood that board members had grown concerned Musk was spending too much time in Washington alongside President Trump. However, both Tesla and Musk later denied these assertions.

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.