Elon Musk drops plans for new party, backs JD Vance 2028: Sources

Elon Musk has quietly stepped back from plans to launch a new political party, telling allies that he wants to concentrate on his business ventures.

Musk had unveiled the “Party of America” in July, following a public clash with former President Donald Trump over a tax and spending bill.

The Wall Street Journal, citing people familiar with the matter, reported that Musk has recently focused on maintaining ties with Vice President JD Vance and admitted to close associates that forming a political party could damage his relationship with Vance.

According to the report, Musk, and his aides have told Vance’s inner circle that the billionaire is considering using some of his financial resources to support Vance if he decides to run for president in 2028.

Vance, who had called for a truce after the public dispute between Musk and Trump, reaffirmed his position earlier this month, saying he asked Musk to return to the Republican fold.

Musk has also warned that Tesla could face a challenging period in upcoming fiscal quarters after the Trump administration’s support for electric vehicles ended.

Investors are reportedly concerned about whether Musk can devote sufficient time and attention to Tesla following his heated clash with Trump over his ambitions to form a new political party.