After being a major contributor to the campaign of President Donald Trump during last year's election cycle, billionaire Elon Musk says he is now planning to spend "a lot less" on political contributions in the future.

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Speaking Tuesday at the Qatar Economic Forum, the Tesla and SpaceX CEO said he believes he's "done enough" and doesn't expect to be as involved in U.S. politics moving forward.

"I think, in terms of political spending, I'm gonna do a lot less in the future," Musk said. "... If I see a reason to do political spending in the future I will do it. I do not currently see a reason."

The comments come after Musk spent approximately a quarter of a billion dollars to largely support President Trump's reelection effort, and often appeared alongside Trump at large rallies. He also spent millions of dollars in a Wisconsin Supreme Court race, but his preferred candidate did not win.

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Musk, meanwhile, has faced backlash in recent months, particularly over his unusual role as a "Special Government Employee," where he has been the main driver of the new Department of Government Efficiency (DOGE), the group responsible for firing thousands of federal workers, dismantling entire agencies and canceling billions of dollars worth of federal contracts.

Last month, Musk said he will be spending less time running DOGE after Tesla's first-quarter profits plummeted by 71% amid boycotts of the company over Musk's political involvement. Tesla's stock price has also fallen by more than 7% this year.