Elon Musk
Credit: Reuters Photo
Tesla CEO and the world's richest man Elon Musk, who in July had sent shockwaves across the USA's political spectrum with the announcement that he was going to form a political party—the America Party—is now apparently halting his plans for the same, the Wall Street Journal reported.
Musk is also planning to back J D Vance if he stands as the Republicans' presidential candidate once Donald Trump vacates the seat after his second term, the publication reported.
"By a factor of 2 to 1, you want a new political party and you shall have it!" he had earlier said in a post on X.
The WSJ report reveals that Musk took the decision of not going ahead with his own political outfit in order to not mess up his relationship with Vance.
Musk spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill.
Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government.
Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill.
Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.
With Reuters inputs