Elon Musk has responded to a new report that suggested he is slowing his plans to launch a new political party. The Tesla and SpaceX CEO has been "quietly pumping the brakes" on his America Party, The Wall Street Journal reported on Tuesday citing people with knowledge of his plans.

Elon Musk on Wednesday pushed back against a report that he’s dropping plans to form a new political party after he grew angry with President Donald Trump’s domestic policy bill.

Musk, without commenting further on the report, said in an X post: "Nothing @WSJ says should ever be thought of as true". Musk, the world's richest man, unveiled the 'America Party' in July after a public dispute with President Donald Trump on the tax cut and spending bill.