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Elon Musk Quietly Backs Away From Funding Third Party: Report

It was not that long ago that billionaire Elon Musk announced the start of a new political party. Now those plans are on hold. The reason? He wants to pay more attention to his multiple companies. He also does not want…

Sandra Rhodes·Aug 20, 2025·3 min read

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It was not that long ago that billionaire Elon Musk announced the start of a new political party.

Now those plans are on hold. The reason? He wants to pay more attention to his multiple companies. He also does not want to become estranged from Repubican up-and-comers. A third party could take away votes from the GOP.

People close to Musk talked with the Wall Street Journal about his plans.

Musk announced the creation of the America Party on July 5. His intention was to give voters disillusioned with the Republican and Democratic parties a party of their own.

But creating the party could mean an alienating the GOP — especially Vice President JD Vance, who is viewed as the successor to the MAGA movement, people said.

Instead, Musk is now considering financially backing Vance should he seek the presidency in 2028.

Musk, who owns Tesla, SpaceX and X, among others, heavily financed President Donald Trump and other Republican candidates in the 2024 campaign to the tune of about $300 million.

But while Musk has slowed the creation of the America Party

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, it is still not off the table.

Timing appears to be crucial, according to Musk’s allies, considering the midterm elections are next year. This would be a welcome reprieve for Republicans since third parties could siphon votes from the two main parties.

To date, Musk has not sought important individuals who would be interested in the creation of the America Party. This includes helping the party get on the ballot in certain crucial states.

An important call with a group that helps organize third-party campaigns was to take place late last month, but was canceled, according to someone close to the situation.

Participants were told Musk wanted to pay more attention to his businesses, the person said.

Given Musk helped in Trump’s win last year, having him as an ally would benefit Vance. America PAC, Musk’s political-action committee, helped Trump in battleground states like Pennsylvania.

In a recent interview with the Gateway Pundit, a conservative website, Vance said it would not be good to break with Trump and the conservative movement.

“So my hope is that by the time of the midterms, he’s kind of come back into the fold,” the vice president said.

Earlier this year, Trump and Musk, who served as head of the Department of Government Efficiency (DOGE), parted ways when Musk criticized Trump’s tax package.