U.S. Treasury Secretary Scott Bessent has urged Elon Musk to steer clear of politics and prioritise his companies, after the Tesla CEO announced the formation of a new political party in defiance of President Donald Trump.
Speaking on CNN’s State of the Union on Sunday, Bessent said the boards of Tesla and SpaceX were likely concerned about Musk’s decision to launch the 'America Party,' which he unveiled a day earlier in response to Trump’s newly signed tax-and-spending bill.
“I imagine that those boards of directors did not like this announcement… and will be encouraging him to focus on his business activities, not his political activities,” Bessent said.
Musk, who was once a prominent Trump supporter and served briefly as a government adviser, broke with the president over the so-called 'big, beautiful bill,' which cuts taxes and increases defence and border spending. He warned that the bill could bankrupt the country and vowed to challenge Republican incumbents who supported it in next year’s midterm elections.
Trump has dismissed Musk’s criticism, suggesting his opposition stems from the bill’s removal of green-energy tax credits that benefit Tesla. The president has also threatened to cut government contracts and subsidies to Tesla and SpaceX in retaliation.
The feud marks a dramatic turn in the relationship between Trump and Musk, who previously contributed millions to Trump’s 2024 re-election campaign and was a frequent visitor to The White House.
Musk’s political ambitions have already drawn investor backlash. Azoria Partners, which was set to launch a Tesla-focused exchange-traded fund this week, announced it would postpone the launch, citing conflict with Musk’s “full-time responsibilities” as Tesla CEO. Azoria CEO James Fishback publicly urged the Tesla board to review Musk’s political involvement.
“Elon left us with no other choice,” Fishback wrote on X, the social media platform owned by Musk.
White House spokesperson Harrison Fields praised the tax bill’s passage and played down Musk’s opposition.
“President Trump has unified and grown the party in a way we’ve never seen,” he said.
Stephen Miran, chair of Trump’s Council of Economic Advisers, defended the legislation on ABC’s This Week, calling it a growth driver: “The one, big, beautiful bill is going to create growth on turbo charge.”
Democrats, meanwhile, welcomed the Republican rift. Abhi Rahman of the Democratic National Committee said the conflict revealed fractures in the Trump coalition. “Republicans are waking up and facing the reality that they just signed their own pink slips,” he said.
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The Academy Awards nominations have been announced, with the crime drama Sinners leading the race securing a record 16 nominations ahead of the ceremony set for 15 March. The event, which honours the film industry’s top achievements over the past year, will be hosted by comedian Conan O'Brien.
A widening conflict involving Iran, the United States and Israel has triggered escalating military strikes across the Middle East, disrupted shipping through the strategic Strait of Hormuz and raised concerns over global energy supplies. This live report tracks the latest developments.
Two Indian-flagged tankers, Shivalik and Nanda Devi, carrying 92,700 metric tons of liquefied petroleum gas (LPG), are en route to India despite disruptions in the Strait of Hormuz caused by the ongoing U.S.-Israeli conflict with Iran, the Indian Foreign Ministry said on Saturday (14 March).
A long-running investigation has suggested that the street artist known as Banksy may be legally named David Jones. A report indicates that Jones was previously known as Robin Gunningham, a name long associated with Banksy, before legally changing his name several years ago.
Israel and Iran continued to exchange strikes on Friday (13 March), as the U.S. and French militaries reported deaths in Iraq, and the U.N. launched a $325 million appeal to help Lebanon, where a seventh of the population have left their homes since fighting began.
Israeli Prime Minister Benjamin Netanyahu issued veiled threats to Iran’s new Supreme Leader, Mojtaba Khamenei, and Hezbollah on Thursday (12 March), during his first press conference since the conflict with Iran began.
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Ayman Ghazali, a 41-year-old U.S. citizen born in Lebanon, crashed his truck into the hallway of a Detroit-area synagogue on Thursday (12 March) while children attended preschool. Security personnel shot him dead during the confrontation, and authorities said no one else was seriously injured.
Kremlin spokesman Dmitry Peskov said on Saturday (14 March) that many countries are interested in purchasing Russian oil after the United States temporarily eased sanctions on certain exports.
An explosion lightly damaged a Jewish school in Amsterdam early on Saturday (14 March) in what the city’s mayor described as “a deliberate attack against the Jewish community.”
Ukrainian drones struck an oil refinery and a key port in Russia’s southern Krasnodar region overnight (13-14 March), local authorities said, causing injuries and damage. In separate action, Russian air attacks on Ukrainian territory killed and wounded civilians near Kyiv, officials reported.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 13rd of March, covering the latest developments you need to know.
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