Billionaire Elon Musk has quietly put the brakes on plans to start his new political party, citing a desire to focus on his companies. According to the Wall Street Journal, Musk’s allies reported that he wants to prioritize his roles as CEO of Tesla and SpaceX. The move comes after a public feud with President Donald Trump over tax cuts and spending bills.
Musk had previously announced plans for the ‘America Party’ in July but now appears to be backing down due to concerns about damaging relationships with others, including Vice President JD Vance. Vance has been a key ally of Musk’s, and forming a political party may have strained their relationship.
The billionaire has also reportedly considered using his financial resources to support Vance if he decides to run for president in 2028. SpaceX and Tesla spent nearly $300 million in 2024 to help Trump and other Republicans get elected.
Musk’s decision to abandon his political party plans comes as investors worry about his ability to devote time and attention to Tesla, given his recent disagreements with Trump. The company’s shares are down over 18% this year after posting its worst quarterly sales decline in more than a decade.
Source: https://www.reuters.com/business/retail-consumer/musk-quietly-puts-brakes-plans-new-political-party-wsj-says-2025-08-20