Elon Musk has quietly slowed work on the “America Party” he vowed to launch last month and is weighing whether to throw his financial support behind U.S. Vice President JD Vance’s expected 2028 presidential bid, the Wall Street Journal reported, citing people familiar with his plans. According to the report, Musk has told associates he wants to focus on his businesses and avoid splintering Republican voters, after spending roughly $300 million to help elect Donald Trump and other GOP candidates in 2024. Organizing meetings for the third party have been cancelled and no ballot-access efforts have begun, the paper said. Musk pushed back hours later, writing on X that “Nothing WSJ says should ever be thought of as true,” but offered no further details on the status of the America Party. The billionaire announced the prospective party on July 4 after an online poll showed support for a new political force, yet there have been no public signs of formal infrastructure since. Representatives for Musk, Tesla and the White House did not immediately respond to requests for comment.