Elon Musk has responded to a new report that suggested he is slowing his plans to launch a new political party.
The Tesla and SpaceX CEO has been “quietly pumping the brakes” on his America Party, The Wall Street Journal reported on Tuesday citing people with knowledge of his plans.
“Nothing [The Journal] says should ever be thought of as true,” Musk wrote on his X social media platform on Wednesday, in response to a post about the reporting.
Newsweek has not verified the Journal report and has contacted Musk for more information via email to X’s press office.
Why It Matters
A new political party backed by Musk, the world’s richest man and former close ally of President Donald Trump, could take votes away from Trump’s Republican Party.
Musk build a large following among conservatives during his time headlining the second Trump administration’s efforts to reduce “waste, fraud, and abuse” through the Department of Government Efficiency (DOGE).
But he had a very public falling-out with the president over the Trump-backed ‘One Big Beautiful Bill,” with Musk concerned the tax cuts and spending plans would add to the United States’ national debt.
What To Know
The Journal reported that Musk had slowed his new party plans to focus on his companies, was reluctant to alienate Republican leaders, and was considering backing Vice President JD Vance in a 2028 presidential run.
Musk’s allies said the billionaire “hasn’t formally ruled out” building the new party, and could change his mind as the midterms get closer, the paper reported.
Evan Vucci/AP Photo
Musk first broached the idea of a new party in July. “Today, the America Party is formed to give you back your freedom,” he wrote on X after conducting a snap poll on whether users wanted a new political party.
Under the Constitution, Trump cannot run for a third presidential term. Previous polling has shown Vance as the clear GOP primary front-runner; though a new poll suggests Vance could lose to Democratic favorites Gavin Newsom or Pete Buttigieg.
As a foreign-born U.S. citizen, Musk cannot run for president. He could support third-party candidates, who can put themselves on the ballot in every state, if they have enough signatures to support their bid.
Traditionally been difficult for third-party candidates to break through significantly in federal U.S. elections. Instead, third parties often act as spoilers for the two main parties.
What People Are Saying
Democratic strategist Denny Salas, co-founder of Gotham Polling & Analytics, told Newsweek on July 10: “I believe there is enough pent-up anger within the American psyche to enable a third party, like the America Party, to successfully recruit legitimate candidates and gain the support of many voters. A likely problem I see is how sustainable and genuine this effort by Elon Musk is. Political parties aren’t successful just because billionaires decide to start one on a whim; they succeed because they are built from the ground up through grassroots organizing.”
