Musk Says ‘America Party' Is Formed in US
"By a factor of 2 to 1, you want a new political party and you shall have it!" he said in a post on X.
"Today, the America Party is formed to give you back your freedom."
The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the billionaire chief executive officer of Tesla fiercely opposed.
Musk spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill.
Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government.
Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill.
Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
2 hours ago
- Arab News
Trump says alignment with BRICS' ‘anti-American policies' to invite additional 10 percent tariffs
US President Donald Trump on Sunday said that countries aligning themselves with the 'Anti-American policies' of BRICS, will be charged an additional 10 percent tariff. 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10 percent Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' Trump said in a post on Truth Social. Trump did not clarify or expand on the 'Anti-American policies' reference in his post. The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates and Indonesia as members. Trump also said that he would start sending other countries the first letters on tariffs and trade deals on Monday, ahead of a deadline for the paused levies to take effect. 'I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th,' Trump said on his Truth Social network.
Arab News
4 hours ago
- Arab News
BRICS nations slam US tariffs, but avoid naming Trump
RIO DE JANEIRO, Brazil: BRICS leaders at a summit on Sunday took aim at US President Donald Trump's 'indiscriminate' import tariffs. The 11 emerging nations — including Brazil, Russia, India, China and South Africa — account for about half the world's population and 40 percent of global economic output. The bloc is divided about much, but found common cause when it comes to the mercurial US leader and his stop-start tariff wars — even if they avoided naming him directly. Voicing 'serious concerns about the rise of unilateral tariff' measures, BRICS members said the tariffs risked hurting the global economy, according to a summit joint statement. They also offered symbolic backing to fellow member Iran, condemning a series of military strikes on nuclear and other targets carried out by Israel and the United States. In April, Trump threatened allies and rivals alike with a slew of punitive duties, before offering a months-long reprieve in the face of a fierce market sell-off. Trump has now warned he will impose unilateral levies on partners unless they reach 'deals' by August 1. In an apparent concession to US allies, the summit declaration did not criticize the United States or its president by name at any point. Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to US and western European power. But as the group has expanded to include Iran, Saudi Arabia and others, it has struggled to reach meaningful consensus on issues from the Gaza war to challenging US global dominance. BRICS nations, for example, collectively called for a peaceful two-state solution to the Israel-Palestinian conflict — despite Tehran's long-standing position that Israel should be destroyed. An Iranian diplomatic source said his government's 'reservations' had been conveyed to Brazilian hosts. Still, Iran stopped short of rejecting the statement outright. Xi Jinping, Putin skip summit The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who skipped the meeting for the first time in his 12 years as president. The Chinese leader is not the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, also opted to stay away, participating via video link. He told counterparts that BRICS had become a key player in global governance. The summit also called for regulation governing artificial intelligence and said the technology could not be the preserve of only rich nations. The commercial AI sector is currently dominated by US tech giants, although China and other nations have rapidly developing capacity.
Arab News
6 hours ago
- Arab News
Trump calls Musk's formation of new party 'ridiculous' and confusing
WASHINGTON: President Donald Trump called Elon Musk's plans to form a new political party 'ridiculous,' saying Musk could have fun with his new project but that the United States functions best under a two-party system. A day after Musk escalated his feud with Trump and announced the formation of a new US political party, the Republican president was asked about it before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club. 'I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion,' Trump told reporters. 'It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous.' Musk announced on Saturday that he is establishing the 'America Party' in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. In response, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla , said it was delaying the venture because the party's creation posed 'a conflict with his full-time responsibilities as CEO.' Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the 'big, beautiful bill.' Speaking on the CNN program 'State of the Union' on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies — Tesla and rocket firm SpaceX — probably would prefer him to stay out of politics. 'I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities,' Bessent said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that Musk briefly tried unsuccessfully to repair. The bill, which cuts taxes and ramps up spending on defense and border security, passed last week on party-line votes in both chambers of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, takes away green-energy credits for Tesla's electric vehicles. The president has threatened to pull billions of dollars Tesla and SpaceX receive in government contracts and subsidies in response to Musk's criticism. INVESTOR REBUKE Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange-traded fund. Azoria was set to launch the Tesla ETF this week. Azoria CEO James Fishback posted on X several critical comments about the new party and reiterated his support for Trump. 'I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO,' Fishback said. On Sunday, Fishback added on X, 'Elon left us with no other choice.' The Democratic Party appeared to welcome the rift between Trump and Musk. 'Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill,' said Abhi Rahman, a spokesperson for the Democratic National Committee. 'Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame.'
