Billionaire Elon Musk has quietly abandoned his plans to form a new political party, telling allies he wants to focus on his companies. The Wall Street Journal reported this, citing sources familiar with the matter, BTA reports.
Musk did not comment directly on the publication, but wrote in X: “Nothing said by @WSJ should be taken as truth.“
The richest man in the world presented the project for an “American Party“ in July, after a public spat with President Donald Trump over the tax cuts and spending bill.
According to the publication, Musk has recently focused his efforts on maintaining ties with Vice President J.D. Vance. He has admitted to aides that creating a new party could damage his relationship with Vance.
Musk and his team have even assured Vance's close associates that he is considering using some of his financial resources to support him if he decides to run for president in 2028.
In 2024, the Tesla and SpaceX CEO spent nearly $300 million supporting Trump and other Republicans, exerting significant influence in the first weeks of Trump's term. The new Department of Government Efficiency was also created at that time.
Reuters said it had not yet been able to confirm the Wall Street Journal's information.
J.D. Vance, who tried to calm tensions after the public conflict between Musk and Trump, recently reaffirmed his position and said he had invited Musk to return to the ranks of the Republican Party.