Elon Musk’s political ambitions rattle markets and allies
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Trump slams Musk’s new political party
US President Donald Trump has called Elon Musk’s decision to launch a third party — the “America Party” — “ridiculous.” Trump emphasized that the US system was built for two dominant parties and said Musk “can have fun with it,” but it adds confusion. (Source: Reuters)
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Musk responds to 'Big, Beautiful Bill
Elon Musk announced the formation of his party in response to Trump’s tax-cut and spending bill, which he said would bankrupt the country.He vowed to challenge Republican lawmakers in the upcoming midterms who backed the controversial legislation.
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Business backlash: Azoria delays Tesla ETF
Azoria Partners, which had planned a Tesla-focused ETF, postponed its launch citing a conflict with Musk’s political activities.CEO James Fishback urged Tesla’s board to question Musk’s political ambitions versus his CEO duties.
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Concerns from Washington and corporate boards
Treasury Secretary Scott Bessent said Musk’s Tesla and SpaceX boards would likely prefer the focus on business, not politics. The public rift marks a dramatic turn in a relationship where Musk once advised Trump during his presidency.
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Rift widens: Political and financial fallout
Trump claimed Musk’s anger stems from loss of green-energy credits in the bill and threatened to withdraw federal support for Tesla and SpaceX. Meanwhile, Democrats welcomed the rift, calling it proof that “Trump’s MAGA party is splitting at the seams.”