REUTERS: Musk, Republican Party’s Biggest Donor, Says He Will Cut Political Spending

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.

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.

ROKK Co-Founder and Partner Ron Bonjean spoke with Reuters about whether Musk’s cut back on political spending will impact fundraising for the GOP.