Elon Musk is reportedly backing away from his plans to create a political party called the ‘America Party,’ as his focus shifts to supporting Vice President JD Vance in the potential 2028 presidential elections. Citing sources from The Wall Street Journal, Musk aims to maintain connections with Vance, a likely Republican candidate, rather than risk alienating him by creating a new party that could siphon Republican votes. This change in direction follows Musk's public disagreement with President Donald Trump over a significant spending bill, which Musk argued undermined his efforts to curb government spending. Investors have shown apprehension regarding Musk's political ambitions, with his Tesla shares falling over 20% after he proposed the party. However, while he is reducing his political donations following significant support to Trump’s 2024 campaign, the possibility of forming the new party has not been entirely dismissed as the 2026 midterm elections approach, though Republican leaders seem relieved by his recent decision to step back.

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