The billionaire warned followers on X not to trust the mainstream media outlet

Elon Musk has dismissed a Wall Street Journal report claiming that he is quietly backing away from plans to launch his America Party. The newspaper said Musk had told allies he will focus on his businesses and not risk splitting Republican voters with a third-party bid.

Musk supported US President Donald Trump in the 2024 election and temporarily served as head of the Department of Government Efficiency (DOGE) before a public falling-out over the president's "Big Beautiful Bill" spending package. 

After resigning, he announced he would start his own political faction to challenge the two-party system and field candidates in the 2026 midterms.

On Tuesday, however, the WSJ reported that Musk had allegedly told allies he would instead concentrate on his companies and avoid alienating Republicans by siphoning away GOP votes. 

Commenting on the report, Musk wrote on X that "nothing WSJ says should ever be thought of as true." He did not address the outlet's claims.

The WSJ also stated that the billionaire has been maintaining ties with Vice President J.D. Vance, viewed as a potential heir to Trump, and has considered using his resources to back Vance's 2028 presidential bid. It noted that Musk has not formally ruled out forming a party and could change his mind as the midterm elections near.

Musk had previously also accused the paper of publishing "deliberately false" stories, calling it a "discredit to journalism" and "the worst newspaper in the world." 

"I wouldn't use that to line my cage for parrot droppings," the billionaire said of the WSJ earlier this year.

Last month, Musk outlined a plan for the America Party to concentrate on Congress ahead of the 2026 midterms, writing that while "backing a candidate for president is not out of the question," the party's "focus for the next 12 months is on the House and the Senate."

Trump, meanwhile, has called Musk a "train wreck" and argued that third parties "have never succeeded in the US," predicting that the billionaire's initiative would only create "disruption and chaos."