Musk is quietly pumping the brakes on plans to start a third political party, WSJ reports

(Reuters) -Tesla CEO Elon Musk is quietly pumping the brakes on plans to start a third political party and told allies he wants to focus on his companies and is reluctant to alienate powerful Republicans, The Wall Street Journal reported on Tuesday.

Musk is also considering using some of his vast financial resources to back U.S. Vice President JD Vance if he decides to run for president in 2028, the newspaper reported, citing people familiar with the matter.

Reuters could not immediately verify the report. Tesla (NASDAQ:TSLA) and the White House did not immediately respond to a Reuters request for comment.

Musk launched his America Party in early July, after U.S. President Donald Trump signed his self-styled "big, beautiful" tax-cut and spending bill into law. Musk had fiercely opposed the bill and lobbied against it.

"Today, the America Party is formed to give you back your freedom", he wrote in an X post after the bill was passed.

"By a factor of 2 to 1, you want a new political party and you shall have it!"