The Libertarian National Committee has made a bold pitch to Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, urging the billionaire to join their ranks and avoid the challenges of launching a new party.

What Happened: The Libertarian Party, led by Chair Steven Nekhaila, has reached out to Musk, proposing that he join their party instead of creating a new one, reported Politico. Nekhaila believes that the Libertarian Party is best positioned to be a disruptive force and that Musk’s financial backing could significantly advance their cause.

"Making a new third party would be a mistake," Nekhaila told the publication.

Musk, who has previously invested over $250 million in the 2024 election, primarily through his America PAC, has not yet responded to the invitation. Meanwhile, Libertarian Party, with an annual budget of $1 million to $3 million are actively trying to reach out to him, especially given his recent support for Republican Rep. Thomas Massie, who is known for his libertarian views.

Nekhaila argues that the Libertarian Party’s existing ballot access in almost every state gives them a significant advantage over new or independent parties. He points to the challenges faced by Robert F. Kennedy Jr. in securing ballot access during the 2024 election, which ultimately led to him withdrawing his name from many ballots after endorsing Donald Trump.

Despite Musk’s substantial political investments, Nekhaila noted that the billionaire has not seen the expected returns. 

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Why It Matters: Musk has recently shown interest in political involvement, expressing his intention to establish a new “America Party” following the passage of the GOP’s megabill. Musk criticized President Donald Trump‘s spending bill and hinted at forming the America Party if the bill passed.

Even with his immense resources, a third-party venture could still be an uphill battle for Musk. The Libertarian Party’s existing infrastructure and ballot access could provide an alternative for Musk to influence the political landscape.

The Libertarian Party is not the only group courting Musk. Dan Webb, the leader of No Labels, a political group advocating for a centrist presidential ticket, has also expressed interest in engaging with Musk, reported Politico.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.