Billionaire owner of SpaceX companies, ex-Ilon Musk has put the brakes on plans to create his own political party, The Wall Street Journal reported, citing interlocutors with knowledge of the plans.
Musk has told allies that he wants to focus on his companies and doesn’t want to lose influential Republicans by creating a third party that could appeal to Republican voters.
The billionaire has been in touch with Vice President J.D. Vance in recent weeks and has admitted to colleagues that if he continues to create a political party, he will ruin his relationship with the vice president, sources said.
Musk and his colleagues have said he is considering using some of his vast financial resources to support Vance if he decides to run for president in 2028, some sources said. Musk has spent nearly $300 million to support Trump and other Republicans in the 2024 election.
Musk’s allies said he has not officially ruled out forming a new party and may change his mind as the midterm elections approach.
Musk’s current stance marks a change from early last month, when he announced the formation of America Party to represent US voters dissatisfied with the two major political parties. While considering forming the party, he has focused in part on maintaining ties with Vice President J.D. Vance, who many see as a potential heir to the MAGA political movement.
Musk has threatened to form an American party if the US Congress passes a tax relief bill that US President Donald Trump calls “The Big Beautiful Bill”.
Ilon Musk and Donald Trump have clashed over the “big beautiful bill”. Musk called the bill a “disgusting perversion.” He also said Trump was mentioned in documents in the case of financier Jeffrey Epstein, who was accused of trafficking minors for sexualised exploitation. Trump responded by threatening to leave the businessman without subsidies. On 10 June, Musk issued a public apology, saying he” regretted “some” of ” his posts to Trump. According to The Wall Street Journal, Musk ended the public spat after he received a phone call from Vice President J.D. Vance.
As The New York Times notes, Musk is the largest donor to the US Republican Party. The businessman began supporting the party in 2022, making significant public donations to Republicans.