Elon Musk said he’s committed to still leading Tesla Inc. five years from now and expects to pare back his political spending, assuaging some investors’ concerns about the future of his most valuable company.

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.