Elon Musk's America Party has yet to launch almost a month after the tech billionaire announced his intentions, and according to one Tesla investor, the one-time Trump adviser has turned his attention back to his business ventures.
Musk had to "blow off steam" about President Donald Trump's "big, beautiful bill," Tesla investor James Fishback told Axios, the outlet reported Wednesday. "It has been 17 days since he said he was going to start the America Party. There's no filing, no candidate. There's nothing of substance."
Wedbush Securities analyst Dan Ives, who has followed Musk for decades, said the world's richest man has "read the room" on politics.
Tesla shareholders, said Ives, "don't want him in politics."
"The Trump-experiment-gone-bad with Musk was a significant dark time for Tesla shareholders," he added.
Last week, Tesla shares sank 8% after Musk acknowledged the automaker could face a "few rough quarters" while the company focuses less on selling cars and more on offering self-driving taxis and other vehicles.
Tesla is also facing the loss of a $7,500 EV tax credit after Trump's bill, as well as earning significantly less money through the sale of regulatory credits to other carmakers.
Tesla faces the loss of the $7,500 EV tax credit and stands to make much less money from selling regulatory credits to other automakers after recent changes to federal tax law.
Fishback's investment firm postponed a planned Tesla ETF event earlier this month because of Musk's return to politics with his announcements about the America Party, but now the event is on again, he said.
The tensions between Musk and Trump also seem to be easing after the passing of the megabill, which Musk opposed over reports about its costs.
"I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!" the president posted on his Truth Social page.
But the America PAC, through which Musk spent approximately $250 million in the 2024 campaign, is still active and remains an electoral weapon because of its spending power. It has not made any filings with the Federal Election Commission.
Ives, meanwhile, said he thinks Musk will still spend money backing candidates.
Musk's space technology company, SpaceX, has also warned investors that Musk may continue devoting "significant time and energy to politics," even with a possible role in the future similar to his leadership of Trump's Department of Government Efficiency, a recent Bloomberg Law report stated.
One of Musk's friends, Jason Calacanis, said in a recent episode of "The All-In" podcast that he thinks the billionaire should take the America PAC and use it to define what he thinks it should mean, not only to use the money to back MAGA interests.
"Then he should go and back the people who are running to be in Congress and senators, and just say, Hey, here is what I would like you to be in favor of, and do what [Grover] Norquist did with his no new taxes pledge," he said. "It won't be a major draw on Musk's attention or efforts in the way running a third party would be."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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