• Elon Musk is halting plans for his America Party to concentrate on Tesla and political relationships.
• The billionaire is considering backing JD Vance for the 2028 presidential run.
• Musk's political ambitions developed after a dispute with Donald Trump over tax cuts.
• Tesla's stock has significantly declined this year amid financial challenges.

Billionaire Elon Musk is reportedly putting a halt on his plans to establish a new political party, dubbed the "America Party," to redirect his attention toward his companies, especially Tesla. He unveiled the party in July following a public dispute with former President Donald Trump regarding tax cuts and spending bills. Recently, Musk has emphasized maintaining a favorable relationship with Vice President J.D. Vance, recognizing that forming a political party may jeopardize this connection, according to HuffPost and South China Morning Post.

Musk's decision comes amid his influential role in Republican politics, where he has reportedly dedicated nearly $300 million to support Trump and other Republican candidates in the 2024 election, as well as engaging with Vance, who may run for president in 2028. Some sources suggest Musk is considering using his financial resources to support Vance's presidential campaign if he proceeds, according to India Times and HuffPost.

This shift in focus also coincides with challenges at Tesla, where shares have plummeted more than 18% this year following disappointing quarterly sales and profit margins. Musk has cautioned that upcoming quarters may be tough for the electric vehicle industry, reflecting concerns among investors about his capacity to balance corporate and political commitments, as noted by South China Morning Post and India Times.