(Reuters) -Billionaire Elon Musk is quietly putting the brakes on plans to start his new political party, telling allies he wants to focus on his companies, the Wall Street Journal said on Tuesday, citing people with knowledge of the plans.

Musk unveiled the ‘America Party’ in July after a public dispute with President Donald Trump on the tax cut and spending bill.

He has recently been focused in part on maintaining ties with Vice President JD Vance, the paper said, and has acknowledged to associates that forming a political party would damage his relationship with Vance.

Musk, the world’s richest man, and his associates have told people close to Vance that the billionaire is considering using some of his financial resources to back Vance if he decides to run for president in 2028, the paper said.

The CEO of Tesla and SpaceX spent nearly $300 million in 2024 to help Trump and other Republicans get elected, exerting enormous influence in the first few weeks of Trump’s term as head of the newly created efficiency department (DOGE).

Reuters could not immediately verify the Journal report. Tesla and the White House did not immediately respond to a Reuters request for comment outside regular business hours.

Vance, who had called for a truce following Musk’s all-public feud with Trump, reaffirmed his position this month and said he had asked Musk to return to the Republican fold.

Tesla shares are down more than 18% this year after it posted in July its worst quarterly sales decline in more than a decade and profit that missed Wall Street targets, though its profit margin was better than many had feared.

Musk also warned of “a few rough quarters” after the end of support for electric vehicles by the Trump administration.

Investors worry whether he will be able to devote enough time and attention to Tesla after locking horns with Trump over his ambitions for a new political party.

(Reporting by Chandni Shah, Shubham Kalia and Mrinmay Dey in Bengaluru; Editing by Tom Hogue and Clarence Fernandez)