According to the Wall Street Journal (WSJ) on 19/8, billionaire Elon Musk is quietly putting the brakes on his plan to create a "Party of America" to compete with both Democrats and Republicans in upcoming elections. This was a venture Musk initially promoted after leaving the White House and clashing with President Donald Trump over the "big beautiful bill."

Musk has reportedly told associates he now wants to focus on his companies and avoid antagonizing powerful Republican leaders by forming a third party that could draw votes away from the GOP.

This is seen as a significant reversal, as the billionaire announced earlier last month that he would form the "Party of America" to represent voters dissatisfied with both Democrats and Republicans. Musk has yet to officially launch the new party or announce its platform.

While delaying the formation of the "Party of America," Musk continues to cultivate his relationship with Vice President JD Vance. The two have remained in contact in recent weeks, and Musk has admitted to associates that proceeding with the new party would jeopardize his relationship with the vice president.

Sources say Musk is considering using some of his vast financial resources to support Vance if he decides to run for president in 2028.

American billionaire Elon Musk at a Trump rally in Pennsylvania on 5/10/2024. Photo: AP

American billionaire Elon Musk at a Trump rally in Pennsylvania on 5/10/2024. Photo: AP

According to associates, the American billionaire has not officially abandoned the possibility of forming a new party and could change his mind before the midterm elections. However, he and his team have not yet contacted many prominent individuals who have expressed support for the idea or could be key resources in getting the "Party of America" off the ground.

According to a person familiar with the matter, Musk's team canceled a call scheduled in late July with a group specializing in organizing third-party campaigns. Participants were told the meeting was canceled because Musk wanted to focus on running his businesses.

Supporters of the new party idea, like billionaire Mark Cuban, confirm they have not spoken with Musk. Some of Musk's political advisors have also not discussed the plan with the Tesla CEO.

Musk and a spokesperson did not respond to the WSJ's requests for comment.

Musk was once a close ally of President Trump after investing heavily in his campaign and was tasked with leading the Delivery Operations and Government Efficiency (DOGE) team focused on cutting government spending and personnel.

However, the relationship between President Trump and Musk soured due to disagreements over the budget and tax cut bill, also known as the "big beautiful bill," culminating in personal attacks on social media in June.

The two have recently shown signs of easing tensions and have stopped arguing on social media. In late July, President Trump stated that he wanted Musk to thrive more than ever.

Duc Trung (According to WSJ, AP)