Billionaire Elon Musk has not taken any visible steps to create his "America Party," with an analyst who closely follows his activity saying he has "read the room."
Axios detailed on Wednesday that chatter about the possibility has gone from "frenetic" to "radio silent."
To illustrate current scenario, Tesla investor James Fishback said his investment firm had postponed a Tesla ETF early this month given his potential renewed involvement in politics, but the plan is now back on board.
"It has been 17 days since he said he was going to start the America Party. There's no filing, no candidate," he added.
The outlet added that tensions between Musk and Trump have also faded over the past days, with the president posting last week that he wants "Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!"
Longtime Tesla analyst Dan Ives, on his end, said Musk has "read the room" and noted that shareholders "don't want him in politics."
"The Trump experiment gone bad with Musk was a significant dark time for Tesla shareholders," he added. Ives believes Musk will still spend money to back candidates but not as part of an effort to launch a third party.
The latest development related to the party took place earlier this month, when conservatives criticized Musk over rumors that he might choose former Vice President Mike Pence to lead the party.
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