According to a source, bad timing played a role in the pair's split.
"The timing wasn't good for them," the insider said. "He's super busy and works all the time. Amber is filming [Aquaman] in Australia until October. She's in no position to settle with him. She feels her career is just starting."
The actress and businessman began dating last year after Heard filed for divorce from Johnny Depp. Musk finalized his divorce from second wife Talulah Riley in November.
A source previously told Us Weekly that Musk pursued Heard "but she wouldn't go out with him for a long time." The insider added that after Heard gave in, "He even got her a Tesla!"
The pair made things Instagram official in April when Heard shared a snap of the couple enjoying dinner together with Musk sporting a red lipstick print on his cheek.
"Cheeky," the actress wrote.
Photo Credit: Instagram / @amberheard