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US: Azoria delays Tesla ETF launch after Musk announces his new political party
Tesla and SpaceX CEO Elon Musk arrives to the inauguration of US President-elect Donald Trump in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC. File Image/Reuters
Investment firm Azoria Partners said on Saturday it will delay launching its Azoria Tesla Convexity exchange-traded fund (ETF) after Tesla CEO Elon Musk revealed he's forming a new political party, which he has named 'America Party'.
Musk announced the creation of the 'America Party' on social media platform X, just one day after polling his followers. He posted: 'Today the America Party is formed to give you back your freedom.'
Azoria had planned to launch the Tesla ETF next week. The fund would invest in Tesla's shares and options.
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However, following Musk's announcement, Azoria CEO James Fishback posted several critical comments on X about Musk's new party and reiterated his support for US President Donald Trump. Fishback later announced the ETF's postponement, saying:
'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 added that Musk's announcement has shaken investor confidence in Tesla's future, especially after Musk said in May that he was stepping back from leading the Department of Government Efficiency.
Tesla has not yet responded to a request for comment from Reuters.
Musk's announcement came after Trump signed his 'big, beautiful' tax-cut and spending bill into law on Friday—a move Musk has strongly opposed.
Azoria also offers the Azoria 500 Meritocracy ETF, which invests only in the top 500 U.S. companies that do not have hiring targets under diversity, equity, and inclusion (DEI) programs, according to the firm's website.
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