Washington DC – Elon Musk is giving up on his attempt to found a new political party and has instead returned to using his resources to help Republicans get elected.

Musk has reportedly started funneling huge amounts of money into the campaigns of GOP candidates running in the 2026 midterm elections, Axios reports.

The news effectively puts an end to the far-right tech mogul's attempts to form a new political party after his messy public falling out with President Donald Trump earlier this year, which ultimately led him to leave the administration.

Over the first few months of 2025, Musk had headed the so-called Department of Government Efficiency (DOGE), which oversaw the gutting of many US government departments and agencies.

He fell out with Trump, however, over the "Big, Beautiful" spending bill, which Musk claimed went against the cost-cutting philosophy of the whole DOGE project.

Having scored a deal with Saudi Arabian officials following their visit to the White House, two sources revealed to Axios that Musk is partially back in the fold and is financing Republicans who have Congressional races next year.

It's unclear how much money he has donated so far, but during the 2024 election cycle, the Tesla CEO about a quarter of a million dollars to boost MAGA, making him the GOP's single biggest donor.

In a recent interview with Katie Miller, the wife of hard-right Trump advisor Stephen Miller, Musk admitted that his work with DOGE had only been "somewhat successful."

"Instead of doing DOGE, I would have... worked at my companies, essentially, and they wouldn't have been burning the cars," he said.