Clive Palmer says he has resigned from the Liberal National Party, despite receiving a letter that he said reinstated his membership to the Queensland party.
The mining billionaire said he was resigning from the LNP because he didn't want to "become the issue".
"It's important that with the critical issues facing the state, I don't become the issue," he told ABC's Lateline program.
"So I discussed the issue with my wife and at 8.30pm [Thursday] I thought the best course of action for me would be to resign from the LNP straightaway."
Mr Palmer said he had received a letter by the LNP president's executive committee confirming his suspension had been lifted as of Thursday morning.
Mr Palmer was suspended from the party on November.
The LNP executive was set to meet on Friday morning to decide whether the life member will remain in the party.
Mr Palmer said earlier on Thursday there was no way he would have been expelled from the party, because there had been no complaint made against him.
He said his resignation would now allow him to speak more honestly because he "wasn't restrained in any way".
"It's a bit of a shock to me to leave a party I've been a member for 43 years, and to leave in such circumstances.
"But I weighed everything up and I think it's very brave and courageous of the state executive of the LNP to restore my suspension and lift that as they did."
He reiterated earlier comments that the Queensland government was too heavily influenced by lobbyists and by business.
He said senior political figures had threatened his business interests because he'd spoken out politically.
"Well, I believe that to be true.
"I believe that our interests have been threatened because of the political stands that I've taken by people, and I think that's wrong.
"I don't want my employees to bear any burden because of the stands I've taken on what I thought was right."
But Mr Palmer did not rule out a future political role, including the possibility of setting up his own party.
"I certainly will remain interested and I certainly won't be silenced by anybody when I see people being persecuted in this country."