CALIFORNIA: Billionaire Elon Musk is quietly delaying plans to launch his new political party.
The Wall Street Journal reported on Tuesday that Musk told allies he wants to focus on his companies instead. Musk unveiled the America Party in July following a public dispute with former President Donald Trump regarding tax legislation.
The Tesla CEO has recently concentrated on maintaining relationships with Vice President JD Vance. Musk acknowledged to associates that forming a political party would damage his relationship with Vance.
The world’s richest man and his associates have informed Vance’s inner circle about potential financial support. Musk is considering using his resources to back Vance if he runs for president in 2028.
The SpaceX and Tesla CEO spent nearly 300 million dollars in 2024 supporting Trump and other Republicans. This expenditure gave Musk significant influence during the early weeks of Trump’s administration. Reuters could not immediately verify the Journal’s reporting through independent sources.
Tesla and the White House did not respond to requests for comment outside business hours. Vance had called for reconciliation following Musk’s public feud with Trump earlier this year. The Vice President reaffirmed his position this month and asked Musk to rejoin Republican party efforts.
Tesla shares have declined more than 18 percent this year amid challenging financial results. The electric vehicle maker posted its worst quarterly sales decline in over a decade during July. Although profit margins exceeded some expectations, overall results missed Wall Street targets.
Musk warned investors about difficult quarters ahead after Trump administration EV support ended. Investors express concern about Musk’s ability to focus on Tesla amid political ambitions.
The uncertainty continues as Musk balances business priorities with political interests. - Reuters
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