Much to Democrats’ disappointment, billionaire Tesla/SpaceX CEO Elon Musk has backed off from creating a third party to split the Republican vote in future elections, and says he may consider supporting Vice President J.D. Vance if he runs for the top job in 2028.
“Musk has told allies that he wants to focus his attention on his companies and is reluctant to alienate powerful Republicans by starting a third party that could siphon off GOP voters,” the Wall Street Journal reported on Tuesday.
After cooling toward President Donald Trump in the wake of his Big Beautiful Bill Act’s passage into law and the removal of an EV mandate that would have benefited him, Musk has reportedly turned his attention to Vance, “who is widely seen as a potential heir to the MAGA political movement.”
The report in the Journal adds that Musk is seriously “considering using some of his vast financial resources to back Vance if he decides to run for president in 2028[.]”
The rift
Musk spent months buddying up with Trump and created DOGE, cutting billions from the federal government during his temporary tenure there.
The relationship broke down when Trump’s Big Beautiful Bill asked for a $4 billion increase in the debt ceiling (after initially wanting to end the whole idea of a debt ceiling).
Musk’s cuts were nowhere close to balancing the budget, but they were a step in the right direction that he now sees as having been eclipsed by the bloated and wasteful budget supported by Trump.
Trump’s elimination of a Biden-era EV mandate was reportedly the final straw for Musk, who began berating Trump on X and even hinted at Trump’s being involved in Jeffrey Epstein’s sex trafficking activities (before rescinding that intimation and apologizing).
Third-party threat
When the Big Beautiful Bill passed Congress in July, Musk announced that he would form a third party called the “America Party.”
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk said at the time.
He claimed that a “2-to-1” majority of people wanted a third party, but he hasn’t filed any paperwork to do so more than a month later.
Musk may have given up on Trump, but maybe he hasn’t given up on Republicans altogether as an alternative to a Democratic Party that he thinks has gone off the rails on spending and other initiatives.
What are his plans?
When asked about the Journal‘s report about him “pumping the brakes” on the America Party, Musk said Wednesday on X, “Nothing [The Journal] says should ever be thought of as true.”
Still, he did not explicitly confirm or deny his plans, which could potentially draw millions of conservatives and independents away from voting for Republicans and guarantee that Democrats will prevail in any contest.
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Author: Jen Krausz
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