Topline
Elon Musk is reversing course on his plans to form a third political party and is telling associates to instead focus on his companies, according to a new report citing sources who said Musk is considering financially backing Vice President JD Vance if he decides to run for president in 2028.
Vice President JD Vance exits the Oval Office in the opposite direction as US President Donald Trump and Elon Musk (R) walk away before departing the White House on his way to his South Florida home in Mar-a-Lago in Florida on March 14, 2025. (Photo by ROBERTO SCHMIDT/AFP via Getty Images)
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Key Facts
Musk has expressed concerns about angering Republicans if he followed through with his plans for a new “America Party,” the Wall Street Journal reported Tuesday, citing unnamed sources with knowledge of his plans who said Musk hasn’t ruled out the possibility of forming a third party.
Musk announced last month—at the height of his feud with President Donald Trump—he informally launched the party, which he has said he would use to target Senate and House races, though he hasn’t registered the America Party with the Federal Election Commission.
Despite cutting ties with Trump, the Tesla CEO has reportedly stayed close to Vance and has floated the possibility of contributing to his 2028 presidential campaign, if he decides to run.
Key Background
Musk forged a close relationship with Trump after contributing to his 2024 presidential campaign then went on to work in the White House, heading up the Department of Government Efficiency. Musk left his government role in May and a feud with Trump quickly ensued when Musk blasted Trump’s signature policy bill for being too expensive and adding to government debt. Trump subsequently threatened to revoke Musk’s government contracts, though their public spat appears to have cooled after Trump said in late July on Truth Social he wants Musk’s companies to “THRIVE LIKE NEVER BEFORE” and denied he was considering revoking Musk’s government subsidies.
Forbes Valuation
We estimate Musk is worth $413 billion.
Further Reading
Elon Musk Suggests His New ‘America Party’ Will Target Senate And House Seats (Forbes)
Elon Musk Announces New ‘America Party’ In Split With Democrats And Republicans (Forbes)
Trump-Musk Feud: Musk Says Trump’s Comments About Him Are ‘Just Plain Wrong’ (Forbes)