logo
Musk should stay out of politics, US Treasury Secretary Bessent says

Musk should stay out of politics, US Treasury Secretary Bessent says

Straits Timesa day ago
Sign up now: Get ST's newsletters delivered to your inbox
Treasury chief Scott Bessent (left) told CNN on July 6 that billionaire Elon Musk, who is setting up a political party, should stick to running his companies.
WASHINGTON - A day after Elon Musk escalated his feud with Donald Trump and announced the formation of a new US political party, the president's Treasury secretary said Mr Musk should stick to running his companies.
And investment firm Azoria Partners, which had planned to launch a fund tied to Mr Musk's automaker Tesla, said it was delaying the venture because the party's creation posed 'a conflict with his full-time responsibilities as CEO'.
Mr Musk said on July 5
he was establishing the 'America Party' in response to Mr Trump's tax-cut and spending Bill, which Mr Musk claimed would bankrupt the country.
Speaking on CNN on July 6, Treasury chief Scott Bessent said the boards of directors at Mr Musk's companies – Tesla and rocket firm SpaceX – likely would prefer him to stay out of politics.
'I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,' Mr Bessent said.
Mr Musk, who served as a top adviser to the White House on trimming the size of government during the first few months of Mr Trump's presidency, said his new party would in 2026's midterm elections look to unseat Republicans in Congress who backed the 'big, beautiful Bill'.
Mr Musk spent millions of dollars underwriting Mr Trump's re-election effort and for a time, regularly showed up at the president's side in the Oval Office and elsewhere. Their disagreement over the spending Bill led to
a falling out that Mr Musk briefly tried unsuccessfully to repair.
The Bill, which cuts taxes and ramps up spending on defence and border security,
passed last week on party-line votes in both chambers. Critics argue it will damage the economy by significantly adding to the federal budget deficit.
Mr Trump has said Mr Musk is unhappy because the Bill, which Mr Trump
signed into law on July 4, 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 Mr Musk's criticism.
Mr Bessent suggested Mr Musk holds little sway with voters who, he said, liked his Department of Government Efficiency (Doge) more than him.
'The principles of Doge were very popular,' Mr Bessent said. 'I think if you looked at the polling, Elon was not.'
Investor rebuke
Mr Musk's announcement immediately brought a rebuke from Azoria Partners, which said on July 5 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 Mr 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,' Mr Fishback said.
On July 6, Mr Fishback added on X, 'Elon left us with no other choice.'
The White House did not respond to a request for comment on Mr Musk's announcement, but Mr Stephen Miran, the chairman of Trump's Council of Economic Advisers, defended the Bill on ABC's This Week.
'The one, big, beautiful Bill is going to create growth on turbo charge,' Mr Miran said. REUTERS
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump to terminate deportation protection for thousands of Hondurans and Nicaraguans in US
Trump to terminate deportation protection for thousands of Hondurans and Nicaraguans in US

Straits Times

time43 minutes ago

  • Straits Times

Trump to terminate deportation protection for thousands of Hondurans and Nicaraguans in US

Sign up now: Get ST's newsletters delivered to your inbox A protester arrested during protests sparked by immigration raids in Los Angeles, California, on June 10. WASHINGTON - The US Department of Homeland Security will terminate deportation protections for thousands of Hondurans and Nicaraguans in the country, according to US government notices posted on July 7, as part of a broad effort by US President Donald Trump to strip legal status from migrants. The terminations, effective Sept 6, would end Temporary Protected Status (TPS) for an estimated 72,000 Hondurans and 4,000 Nicaraguans who have had access to the legal status since 1999, according to a pair of notices posted online on July 7. Mr Trump, a Republican, has sought to end temporary legal status for hundreds of thousands of migrants in the US, including some who have lived and worked there legally for decades. The Trump administration argues that deportation protections were overused in the past and that many immigrants no longer merit protections. Democrats and advocates say that the migrants could be forced to return to dangerous conditions and that US employers depend on their labor. During his first presidency, Mr Trump sought to end most TPS enrolment, including the designations covering Honduras and Nicaragua, but was blocked by federal courts. REUTERS

Thailand to withdraw plans to legalise casinos as political turmoil deepens
Thailand to withdraw plans to legalise casinos as political turmoil deepens

Straits Times

timean hour ago

  • Straits Times

Thailand to withdraw plans to legalise casinos as political turmoil deepens

Sign up now: Get ST's newsletters delivered to your inbox BANGKOK – Thailand's government will withdraw a controversial Bill to legalise casinos from Parliament following mounting public opposition and a fresh bout of political turmoil that has reduced the ruling coalition's majority. A motion to withdraw the so-called 'entertainment complex' Bill from the current session of Parliament will be raised on July 9 when it was previously slotted for consideration, government Whip Visuth Chainaroon told reporters on July 7. The Cabinet will likely approve the withdrawal plan when it meets on July 8, Mr Visuth said. It's not clear yet whether the government will reintroduce the bill at some point in the future, he said. The government had earlier indicated that it would delay the introduction of the Bill – set to be the first major agenda after the House of Representatives reconvened last week – saying it needed more time to communicate with the public and address their concerns about problem gambling and money laundering. 'We're not pulling it out of fear or anything,' Mr Visuth said. 'We'd just like to communicate with the people first on the issue and clear any lingering doubts.' PM suspension The move to pull the Bill came after the ruling alliance was pushed to the brink by the exit of Bhumjaithai Party, which had opposed the Bill, and the suspension of Prime Minister Paetongtarn Shinawatra for an alleged ethical misconduct. Ms Paetongtarn also faces other legal challenges after coming under fire for a leaked phone conversation with former Cambodian leader Hun Sen , in which she was critical of the Thai army's role in an ongoing border standoff with the neighboring country. Top stories Swipe. Select. Stay informed. Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Singapore Four golf courses to close by 2035, leaving Singapore with 12 courses Singapore Singapore's second mufti Shaikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Shell heist: Second mastermind gets more than 25 years' jail for siphoning $100m of fuel Asia 72-year-old man on diving trip to Pulau Tioman in Malaysia found dead on the beach Singapore Jail for ex-auxiliary police officer who loaded one bullet and accidentally discharged revolver Singapore $1.46b nickel scam: Ng Yu Zhi opts to remain silent after judge calls for his defence Without a clear majority, the government may face challenges in passing controversial or essential Bills that have been lined up in the coming months. The budget Bill for next fiscal year from October is also expected to be taken up for the second and third readings in August. The move is likely to frustrate foreign investors interested in developing casinos in Thailand as part of big entertainment complexes. The proposed legislation promotes these projects as a means to attract investment and boost tourism – a sector that is crucial to the Thai economy, employing one in five Thais and contributing roughly 13 per cent to the nation's gross domestic product. Major operators such as Galaxy Entertainment Group, MGM Resorts International, Las Vegas Sands, Wynn Resorts, and Melco Resorts & Entertainment have previously expressed interest in setting up integrated resorts in Thailand. BLOOMBERG

US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans
US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans

Business Times

timean hour ago

  • Business Times

US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans

[NEW YORK] Wall Street's main indexes opened lower on Monday (Jul 7) as tariff tensions kept investors on edge, while Tesla shares slid after CEO Elon Musk announced his plans to launch a political party. The Dow Jones Industrial Average fell 25.2 points, or 0.06 per cent, at the open to 44,803.36. The S&P 500 fell 20.3 points, or 0.32 per cent, at the open to 6,259.04​, while the Nasdaq Composite dropped 110.6 points, or 0.54 per cent, to 20,490.55 at the opening bell. REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store