Elon Musk Halts Political Ambitions to Focus on Business Ventures

Elon Musk has decided to pause his plans for launching a new political party named 'America Party' to concentrate on his business ventures. This decision comes after considering the potential impact on his relationship with Vice President JD Vance. Musk has hinted at financially supporting Vance for a 2028 presidential bid.

Elon Musk, the billionaire entrepreneur known for his ventures like Tesla and SpaceX, has reportedly put his political aspirations on hold to prioritize his businesses. The Wall Street Journal revealed Musk's decision to halt plans for the 'America Party,' a political move initially announced amidst tensions with former President Donald Trump over tax legislation.

Musk, according to sources cited by the Journal, aims to maintain crucial ties with Vice President JD Vance. The billionaire has acknowledged that establishing a new political party could strain this relationship, particularly as he considers financially backing Vance in a potential 2028 presidential run.

The decision comes as Tesla, Musk's electric vehicle company, faces financial challenges with shares dropping over 18% this year and experiencing the largest quarterly sales decline in over a decade. Amidst investor concerns about Musk's ability to manage these business difficulties while engaging in political endeavors, he warns of upcoming challenges for Tesla post the Trump administration's withdrawal of support for electric vehicles.

(With inputs from agencies.)