Musk, without commenting further on the report, said in an X post: "Nothing @WSJ says should ever be thought of as true". Musk, the world's richest man, unveiled the 'America Party' in July after a public dispute with President Donald Trump on the tax cut and spending bill.

Elon Musk's plan to launch the America Party has been shelved for now, as the tech billionaire focuses on businesses and maintaining ties to VP JD Vance, according to The Wall Street Journal.

Elon Musk is reversing course on his plans to form a third political party and is telling associates to instead focus on his companies, according to a new report citing sources who said Musk is considering financially backing Vice President JD Vance if he decides to run for president in 2028.