Billionaire Elon Musk is quietly putting the brakes on plans to start his new political party, telling allies he wants to focus on his companies, The Wall Street Journal said on Tuesday, citing people with knowledge of the plans.
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Musk unveiled the America Party in July after a public dispute with US President Donald Trump on the tax cut and spending bill.
He has recently been focused in part on maintaining ties with Vice-President J.D. Vance, the paper said, and has acknowledged to associates that forming a political party would damage his relationship with Vance.
Musk, the world’s richest man, and his associates have told people close to Vance that the billionaire is considering using some of his financial resources to back Vance if he decides to run for president in 2028, the paper said.
The CEO of Tesla and SpaceX spent nearly US$300 million in 2024 to help Trump and other Republicans get elected, exerting enormous influence in the first few weeks of Trump’s term as head of the newly created Department of Government Efficiency (Doge).
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Donald Trump derides Elon Musk’s plan to set up new political party, calling it ‘ridiculous’
Donald Trump derides Elon Musk’s plan to set up new political party, calling it ‘ridiculous’
Reuters could not immediately verify the Journal report. Tesla and the White House did not immediately respond to a request for comment outside regular business hours.