The billionaire Elon Musk is quietly pumping the brakes on his plans to start a political party, according to people with knowledge of his plans.
Musk has told allies that he wants to focus his attention on his companies and is reluctant to alienate powerful Republicans by starting a third party that could siphon off GOP voters.
Musk’s posture marks a shift from early last month, when he said he would form what he called the America Party to represent U.S. voters who are unhappy with the two major political parties.
As he has considered launching a party, the Tesla chief executive has been focused in part on maintaining ties with Vice President JD Vance, who is widely seen as a potential heir to the MAGA political movement. Musk has stayed in touch with Vance in recent weeks, and he has acknowledged to associates that if he goes ahead with forming a political party, he would damage his relationship with the vice president, the people said.
Musk and his associates have told people close to him that he is considering using some of his vast financial resources to back Vance if he decides to run for president in 2028, some of the people said. Musk spent close to $300 million to support Trump and other Republicans in the 2024 election.
Musk’s allies said he hasn’t formally ruled out creating a new party and could change his mind as the midterm elections near.
But Musk and his team haven’t engaged with many prominent individuals who have voiced support for the idea of a new party or could be a crucial resource to help it get off the ground, including by assisting with getting on the ballot in crucial states. His associates canceled a late-July call with an outside group that specializes in organizing third-party campaigns, according to a person with direct knowledge of the matter. Participants were told that the meeting was canceled because Musk wanted to focus on running his businesses, the person said.