Musk's "America Party" is failing to launch
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Elon Musk's new political party is so far a no-go on the launch pad.
Why it matters: A Musk-backed "America Party" could disrupt the midterms and escalate his feud with President Trump. But "Musk has read the room," said Dan Ives, a Wedbush Securities analyst who's followed him for decades.
- The rockets-to-robotaxis billionaire hasn't taken visible steps to make formal filings for the America Party, and once-frenetic whispers from third party consultants about working for him have gone radio silent.
Zoom in: Musk just had to "blow off steam" about Trump's "big, beautiful bill," Tesla investor James Fishback told Axios.
- Fishback's investment firm postponed a planned Tesla ETF early this month in response to Musk's return to electoral politics.
- But now it's back on board, Fishback told Axios.
Zoom out: "I look at the half life of how this guy operates," Fishback said, explaining that Musk recently announced the integration of Grok AI into Tesla cars and an expanded Robotaxi app in Austin. Both ideas are already implemented.
- "It has been 17 days since he said he was going to start the America Party. There's no filing, no candidate," Fishback said last week. "There's nothing of substance."
- Shareholders "don't want him in politics and the Trump experiment gone bad with Musk was a significant dark time for Tesla shareholders," Ives said.
- Tensions between Trump and his former best buddy also seem to be eased with Trump posting on his social media platform last week: "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!"
The intrigue: The America PAC, the vehicle Musk used to spend roughly $250 million in the 2024 campaign, remains active.
- Though it has not made any filings this year (at risk of non-compliance with FEC rules), the super PAC's spending power remains an electoral weapon.
- Ives said he believes Musk will still spend to back candidates who he prefers, but that it won't be a major draw on Musk's attention or efforts in the way running a third party would be.
- SpaceX, Musk's space technology company, also warned investors in a risk statement filing that Musk could continue to "devote significant time and energy" to politics, including a possible future role similar to leading DOGE, according to a recent Bloomberg Law report.
What's next: "I think he should take the America PAC, and instead of making it just pro-MAGA, he should just clearly define what it is he believes," Musk's friend Jason Calacanis said on a recent episode of The All-In Podcast.
- "And 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."
