Dubai, United Arab Emirates – The Wall Street Journal said that billionaire Elon Musk is quietly abandoning his plans to launch a new political party in the United States.
The newspaper added that Musk told his allies that he wanted to focus on his companies.
Musk unveiled the “Party of America” last July, after a public dispute with President Donald Trump over the tax and spending cuts bill.
The newspaper reported that he recently focused on maintaining relations with Vice President J.D. Vance.
He admitted to those close to him that forming a political party would harm his relationship with Vance.
The newspaper said that Musk, the richest man in the world, and his aides informed those close to Vance that the billionaire is considering using some of his financial resources to support Vance if he decides to run for president in 2028.
Vance reiterated his position this month and said he had asked Musk to return to the Republican mantle.
Musk also warned that Tesla will face a difficult period over the coming fiscal quarters after the Trump administration’s support for electric cars ends.
Investors are concerned about whether Musk will be able to devote enough time and attention to Tesla, after his sharp disagreement with Trump over his ambitions to form a new political party.
