Austin, Texas - Elon Musk has reportedly backed down from his promise to disrupt US politics by forming his own political party.

According to the Wall Street Journal, Musk has recently expressed to allies that instead of putting time and effort into forming what he planned to call his "America Party," he would rather focus on his companies.

He also wants to maintain a positive relationship with Vice President JD Vance, and he believes the party could damage that.

Musk, the world's richest man, had poured millions of his own dollars to help Donald Trump win re-election, and later worked by the president's side as head of the Department of Government Efficiency (DOGE).

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But after Musk ended his work with DOGE, the two publicly feuded when the billionaire openly criticized Trump's controversial "Big, Beautiful Bill," which is expected to add trillions to the national debt.

Musk then vowed to form the America Party in opposition, and laid out an agenda that included reducing debt, modernizing the military with AI/robotics, less regulation, free speech, pro-natalism, and a promise to release the Jeffrey Epstein files.

While he claimed it would be active by "next year," Musk has yet to file the necessary paperwork to officiate the party.

In response to an X account sharing the claim that he had backed down, Musk wrote, "Nothing [the WSJ] says should ever be thought of as true."