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Billionaire Elon Musk is quietly delaying plans to launch a new political party, telling his allies he wants to concentrate on his businesses, according to the Wall Street Journal, citing sources familiar with the matter.
Musk revealed the “America Party” in July following a public dispute with former President Donald Trump over tax cuts and spending legislation.
Recently, he has been working to maintain his relationship with Vice President JD Vance, and has admitted to colleagues that starting a political party could harm his connection with Vance.
Musk, the world’s wealthiest person, and his associates have informed those close to Vance that Musk might consider using some of his financial resources to support Vance if he runs for president in 2028, the report states.
In 2024, Musk, who leads Tesla and SpaceX, reportedly spent nearly $300 million to help elect Trump and other Republican candidates, exerting significant influence during the early weeks of Trump’s administration’s newly established efficiency department (DOGE).
Reuters was unable to verify the Wall Street Journal’s report immediately. Tesla and the White House did not respond to requests for comments outside of normal business hours.
Vance, who had called for peace after Musk’s publicly visible feud with Trump, reaffirmed his stance this month and asked Musk to return to the Republican fold.
Tesla’s stock has fallen over 18% this year after the company reported its worst quarterly sales decline in more than ten years in July, along with profits that missed Wall Street expectations, despite having a better profit margin than many anticipated.
Musk also warned of “a few tough quarters” ahead after the Trump administration ended its support for electric vehicles.
Investors are concerned about whether Musk can dedicate enough time and attention to Tesla while embroiled in disputes with Trump over his political party ambitions.
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