Elon Musk is quietly stepping back from plans to launch his own political party in the United States, the Wall Street Journal reported citing people familiar with the matter. The billionaire entrepreneur,
who heads Tesla and SpaceX and owns X (formerly Twitter), reportedly told associates he wants to concentrate on his companies rather than push ahead with the “America Party”, unveiled in July after a public row with US President Donald Trump over tax and spending policy.
Elon Musk appeared to dismiss the report in a post on X, writing: “Nothing @WSJ says should ever be thought of as true.”
The paper reported that Elon Musk has been seeking to maintain close ties with Vice President JD Vance and has acknowledged privately that forming a new political party could jeopardise that relationship. People close to the discussions told the Journal that Elon Musk may instead consider directing financial support towards JD Vance if he decides to run for president in 2028.
Last year, Elon Musk spent nearly $300 million backing Donald Trump and other Republicans, exerting outsized influence during the opening weeks of Donald Trump’s presidency and the launch of the new “efficiency department” DOGE.
Elon Musk’s Tesla Suffers
The latest report comes as Tesla faces mounting financial and operational challenges. Shares in the electric carmaker are down more than 18% this year after it reported in July its worst quarterly sales decline in over a decade, alongside weaker-than-expected profits. Elon Musk has warned investors to expect “a few rough quarters” following the Donald Trump administration’s rollback of subsidies for electric vehicles. Some investors have also expressed concern that Elon Musk’s foray into politics could distract him from his corporate responsibilities.
