&imwidth=800&imheight=600&format=webp&quality=medium "Musk pulls back from launching new party? After Trump, billionaire to support Vance 'financially' in 2028 elections")
Elon Musk, who earlier announced plans to launch a third political party in the United States, has been stepping back with his plan, as now he wants to focus on his companies, while avoiding potential conflicts with influential Republicans, The Wall Street Journal reported, citing sources familiar with the matter.
Earlier in July, Musk unveiled the American Party after a public spat with Trump on his mega tax and spending bill, also called as "Big and Beautiful Bill". The American billionaire fearlessly went against the bill, openly on social media.
“Today, the America Party is formed to give you back your freedom”, he wrote in an X post after the bill was passed. “By a factor of 2 to 1, you want a new political party, and you shall have it!”
According to the report, Musk is also focused on maintaining his friendship with US Vice President JD Vance, stressing that forming a new political party would damage his relationship with Vance.
Musk to support Vance in 2028 elections
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After long feud with US President Donald Trump, Musk has now expressed interest in supporting JD Vance 'financially' if he decides to run for the presidential elections in 2028.
Notably, Vance has called for a truce after Musk and Trump's public feud, saying that he had asked the billionaire to return to the Republican fold.
Earlier, Musk has spent nearly $300 million last year to support Trump and other Republicans during the presidential elections.
WATCH | Musk walks back from his threat to decommission Dragon Spacecraft
What could be the reason?
In the past few months, Tesla shares have declined with more than 18 per cent this year after they posted that it has noted their worst quarterly sales in more than a decade.
Following that, Musk warned of a "few rough quarters" after the Trump administration ended support for electric vehicles in the US.
Notably, Musk has been a staunch supporter of Trump before and after the US presidential elections. He even brought his four-year-old son to meet the president in the Oval Office.
