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.
Azerbaijani families of people missing since the Garabagh conflict have taken their appeal to EU officials in Brussels, calling for greater interna...
Almost all of Taiwan shut down on Friday ahead of the arrival of Typhoon Champi...
Saudi Aramco has ordered staff to evacuate its headquarters amid escalating Houthi attacks on the kingdom. Two people were killed in an attack on D...
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
Saudi Aramco has ordered staff to evacuate its headquarters amid escalating Houthi attacks on the kingdom. Two people were killed in an attack on Dammam airport, while Iran's IRGC Navy claimed strikes on seven vessels and warned the U.S. of a wider response.
Russia is willing in principle to resume peace talks with Ukraine and the United States in November, Kremlin aide Yuri Ushakov said after President Vladimir Putin met U.S. special envoy Steve Witkoff in St Petersburg.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
Georgia’s Constitutional Court in Batumi will on Wednesday hear a lawsuit seeking to ban five Georgian opposition parties, four of which collectively gained 784,820 votes (37.79 per cent) in the country’s last national elections in 2024.
Almost all of Taiwan shut down on Friday ahead of the arrival of Typhoon Champi, which is forecast to bring strong winds and torrential rain to the island.
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
U.S. President Donald Trump has signed an executive order expanding access to tax-exempt diesel as soaring fuel prices frustrate voters ahead of the midterm elections. But farmers say using the fuel on public roads is too risky, while many other drivers cannot get hold of it.
The FIFA U-20 World Cup 2027 will take place from 17 September to 9 October next year in Azerbaijan and Uzbekistan, FIFA President Gianni Infantino announced on Friday.
French President Emmanuel Macron said on Thursday that ‘illegitimate’ protests would be banned in the coming days. He blamed ‘seditious’ ultra-left groups and vandals for last weekend’s riots and looting, as authorities prepare for fresh demonstrations on Saturday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment