Elon Musk quietly backed out of plans to form a new political party?

 Elon Musk quietly backed out of plans to form a new political party?

 

world's richest man and owner of electric vehicle maker Tesla, has quietly put a hold on plans to form his new political party.

The Wall Street Journal reported on Tuesday, citing sources, that Musk has told close associates that he now wants to focus on his companies.

Musk did not comment directly on the report, but wrote on Twitter that "whatever a Wall Street general says, it should never be taken as truth."

According to the Port, Elon Musk announced plans for a new political party called the ‘America Party’ in July, which came after a public spat with President Donald Trump over tax cuts and spending bills.

The newspaper says that Elon Musk has been focusing more on maintaining his relationship with Vice President J.D. Vance in recent days, and he has admitted to close associates that forming a new party could damage his relationship with J.D. Vance.

Moreover, Elon Musk and his close associates have told those close to J.D. Vance that if the vice president decides to run for president in 2028, Elon Musk will likely provide his financial support.

The Tesla and SpaceX CEO spent about $300 million in 2024 to support Donald Trump and other Republican candidates, and Elon Musk wielded significant influence in the early weeks of Trump’s presidency.

Reuters could not immediately confirm the Wall Street Journal report, and neither Tesla nor the White House responded to a request for comment.

J.D. Vance, who had called for reconciliation after Musk and President Trump fell out, reiterated his position this month and said he had asked Musk to return to the Republican Party.

Tesla shares have fallen more than 18 percent so far this year, especially after the company reported its worst quarterly sales in a decade in July and a profit that fell short of expectations.

Musk has warned that the next few quarters could be “difficult” if the Trump administration cuts subsidies for electric vehicles.

Investors are worried about whether Musk will be able to give his company Tesla the time and attention it needs, especially as he tries to enter the political arena.

Elon Musk J.D. Vance Donald Trump America Party Tax Cut Tesla Company