Elon Musk is quietly slowing down his effort to create a third party and is considering backing Vice President JD Vance in 2028, sources familiar with the billionaire’s plans told the Wall Street Journal (WSJ) in a Tuesday report.

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.