&w=3840&q=100)
Tesla's money man Vaibhav Taneja joins Musk's America Party as treasurer
The legislation — called the 'One, Big, Beautiful Bill' by Trump — was signed last week. Musk, however, criticised the bill as 'fiscally irresponsible' and a 'betrayal' of efforts to reduce the size of government.
Who is Tesla's money man Vaibhav Taneja?
Indian-origin Vaibhav Taneja (47) is a Chartered Accountant and a commerce graduate from the University of Delhi. His career began at PricewaterhouseCoopers (PwC), where he worked for 17 years in both India and the US from 1999 to 2016.
He later joined SolarCity Corporation in 2016 as Vice-President and Corporate Controller. That same year, following Tesla's acquisition of SolarCity, Taneja played a key role in integrating the accounting operations of the two companies. He joined Tesla in 2017 and rose steadily through the ranks, becoming Chief Accounting Officer in 2019 and Chief Financial Officer in August 2023. Taneja has also served as Director of Tesla India Motors and Energy Private Limited since 2021.
Musk launches new political party
Musk unveiled the party on his social media platform X, citing an online poll in which 65.4 per cent of respondents supported the idea of launching a new political party.
'By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom,' Musk posted on X.
By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. https://t.co/9K8AD04QQN
— Elon Musk (@elonmusk) July 5, 2025
On July 1, after the tax and spending bill was passed in the Senate, Musk posted on X, 'If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.'
After Musk announced the launch of his new party, Trump on Sunday brushed off Elon Musk's newly formed America Party, calling it 'ridiculous' and reaffirming his belief in the traditional two-party structure, Bloomberg reported.
Musk exits Trump orbit, sparks shift
When asked about Musk's announcement, Trump said, 'We've had tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system.' He went on to say that 'starting a third party just adds to the confusion' and added, 'Third parties have never worked. He can have fun with it.'
The world's richest man, once a prominent political donor to Donald Trump during the 2024 campaign, has gradually distanced himself from Trump. Musk previously led Trump's short-lived Department of Government Efficiency (DOGE) but resigned from the role in May this year. Since stepping down, Musk has become increasingly vocal in his criticism of Republican lawmakers and has warned that he may support an alternative political movement if Trump's allies persist in backing his key economic proposal.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
31 minutes ago
- Hans India
FDCI Presents Hyundai India Couture Week 2025 with Grand Curtain-Raiser in Delhi
The Fashion Design Council of India (FDCI) and Hyundai Motor India Ltd. officially launched the 18th edition of Hyundai India Couture Week 2025 in collaboration with Reliance Brands. The announcement was made at an exclusive press conference held at the Taj Palace, New Delhi, marking Hyundai's third consecutive year as the title sponsor. This year's edition also celebrates the 10th anniversary of the Hyundai Creta, with the new Creta EV set to be showcased during the event. The event saw the presence of leading names from fashion and corporate circles, including Sunil Sethi, Chairman, FDCI; Tarun Garg, COO & Whole-Time Director, Hyundai Motor India Ltd.; J.T. Park, Executive Director (Sales, Marketing & Service), HMIL; and Virat Khullar, Group Head Marketing, HMIL. The afternoon began with a formal welcome and lunch reception, followed by Sunil Sethi's keynote address. He emphasized the synergy between fashion and automotive design, stating that Hyundai India Couture Week continues to be one of the most anticipated platforms for Indian couture and innovation. He extended his gratitude to participating designers and Reliance Brands for their continued support. Tarun Garg spoke about Hyundai's ongoing partnership with FDCI and the brand's commitment to creativity and culture. He highlighted the significance of showcasing the Hyundai Creta Electric at this year's event, symbolizing the blend of cutting-edge mobility with the glamour of haute couture. A standout moment at the press conference was the live runway presentation where models unveiled one signature ensemble from each designer, coinciding with the couturier announcements. This gave guests a vibrant preview of the couture excellence to come. The stellar couturier lineup for 2025 includes names like Rohit Bal, JJ Valaya, Manish Malhotra, Ritu Kumar, Tarun Tahiliani, Amit Aggarwal, Falguni Shane Peacock, Rahul Mishra, Shantnu & Nikhil, Suneet Varma, Rimzim Dadu, Jayanti Reddy, Rose Room by Isha Jajodia, and Aisha Rao. Several designers also participated in an on-stage interaction, sharing insights into their inspirations, collections, and views on the evolving couture landscape. The conference concluded with a photo opportunity capturing key stakeholders and couturiers, symbolizing the power of collaboration and creativity. Hyundai India Couture Week 2025 is also supported by luxury and lifestyle brands Grey Goose Altius and Kohler, who add to the immersive experience of this iconic fashion celebration.
Time of India
32 minutes ago
- Time of India
Elon Musk calls out Epstein case delay; asks ‘What's the time', then answers: ‘It's no-one-has-been…'
Reigniting the debate around the infamous Epstein list, Elon Musk has shared a series of posts on microblogging platform X (formerly Twitter). In one such post, Musk asked 'What's the time?', adding 'Oh look, it's no-one-has-been-arrested-o'clock again'. He also shared an image set to 0000 reading 'The Official Jeffrey Epstein Pedophile Arrest Counter.' In another post, the Tesla and SpaceX CEO shared a satirical timeline that mocked changing stories about the long-promised Epstein list. The timeline shifts from 'We will release the Epstein list' to 'We just need more time' to 'The Epstein list is on my desk' and finally ending with the line: 'There is no Epstein list.' He placed angry emoji in the caption. The tech billionaire shared another post with a bull-eye emoji. Image in the post reads: 'The people saying Elon should work to make the Republican party better are the same ones who have been calling to primary the few Republicans who want a smaller government'. Donald Trump hits back at Elon Musk after creating America Party Notably, Musk's posts come hours after Trump criticised Tesla CEO Elon Musk for creating a new political party — American Party. Trump shared a long post on Truth Social expressing his disappointment over Elon Musk's recent actions. Trump stated that he is 'saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks." In the post, Trump opposed the idea of forming a new political party. '"He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them," Trump wrote. He also emphasised that creation of a third party will lead to complete chaos and disruption. Trump also revealed the reason behind Elon Musk's action. The US President liked Musk's dissatisfaction to the recently passed "One Big Beautiful Bill," which Trump signed into law on July 4. According to Trump, this bill "eliminates the ridiculous Electric Vehicle (EV) Mandate," a policy he has long opposed and campaigned against. Trump expressed surprise, claiming that when Musk offered his "total and unquestioned Endorsement," he had no issues with the termination of the EV mandate, despite it being a central part of Trump's platform. OPPO Find X8 Ultra Review: Camera Powerhouse with Next-Gen Imaging! AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
37 minutes ago
- Economic Times
Should India adjust its trade balance to partially mitigate US tariff risks?
Agencies If India pursues trade diversification, it can strike a better balance in its overall trade. The prospect of a uniform 10% base tariff regime by the United States, along with an additional tariff to be calculated on the basis of a formula based on a partner country's trade balance relative to its total exports to the U.S. marks a fundamental shift in global trade calculus. India was trying to cut a deal with the US which would have prevented these additional tariffs from kicking in from the 9th of July but that seems unlikely now. Piyush Goyal's terse comment, accompanied by a smiling photograph, that India does notnegotiate under threat of deadlines, says it there anything that India could do to minimize tariff damage from the US? One possible line of thought that could be explored is to proactively reduce its trade surplus with the US, even if that involves marginally increasing import costs. The core hypothesis is simple yet provocative and stems from the US administration's proposed tariff-setting formula, namely thatTariff Rate (Country X) = Base Tariff (10%) + Adjustment Factor based on (Trade Surplus of X with U.S. ÷ Total U.S. Imports from X)This formula prescribes a higher adjustment factor in respect to the higher trade surplus. One way to reduce it would be to decrease the trade surplus by importing more from the US, even if the goods being imported are slightly more expensive than from those currently being imported. India's strategic advantage lies in being a net importing country globally—with a trade deficit of around $240 billion in FY 2023–24—giving it room to to the official reports, the merchandise trade between the two nations was an estimated $129.2 billion in 2024. Indian exports of goods summed up to $87.4 billion in 2024. This amount was an increase from previous year's exports by 4.5 percent. The goods imported from the US, totalled $41.8 billion in 2024. This implies that India witnessed a surplus of $45.7 billion in merchandise trade with the US. From the data, it can be observed that India had a trade surplus ratio of 0.5 (i.e. 50%) for 2024 which is a good sign for economic growth, job creation and the strength of the currency. So, what could India's strategy be? There are two possible strategies that could be considered. The first option to explore could be import diversification to the US. India could attempt to raise its imports from the US—particularly in sectors where it already has structural dependencies or scope for efficiency imports from the US in 2023, present appealing opportunities and scope for expansion across several sectors. For instance, imports of oil and gas, currently valued at $11.6 billion, could be increased in line with India's strategy of energy diversification. In the aviation sector, imports of aircraft and machinery, worth $5.2 billion are likely to grow further as the country's aviation industry continues to expand. Electronics and semiconductors records imports under $2 billion. This sector also offers scope for growth with the implementation of Production-Linked Incentive (PLI) schemes focusing on boosting domestic electronics manufacturing. Similarly, medical equipment imports, currently at $1.3 billion, can be expanded to support the ongoing development of India's healthcare infrastructure. Given these trends, one viable strategy for India would be to diversify and increase its imports from the US, particularly in sectors where there are existing dependencies or clear opportunities for efficiency improvements.A targeted increase of $10–15 billion in imports from the U.S. in these areas would reduce India's trade surplus with the U.S. to ~$30 billion, bringing the trade surplus ratio down from 50% to ~33%, reducing effective additional tariff exposure to around 13.3%. A second strategic option for the Government would be trade diversification. India can see if it's possible to simultaneously diversify some of its exports from US to third countries (e.g., EU, ASEAN, Africa) and shift some import sourcing away from countries like China to the India pursues trade diversification, it can strike a better balance in its overall trade. It can also address critical geopolitical dependencies in global trade. By spreading its exports across a wider range of markets—not just the US, lowers its risk of reliance on a single market. At the same time, shifting some import sourcing away from countries such as China to the US would provide domestic input suppliers a smoother path under US compliance regimes, making it easier to navigate regulatory of these strategies would be that by reducing the trade surplus we would be able to lowers the additional tariff exposure, thereby helping Indian exporters retain their competitiveness in the US market. Increased US imports can strengthen India's access to clean energy tech, critical semiconductors, and advanced machinery. And finally, such a proactive adjustment could be sold as India's attempt to reduce the trade balance, thereby deepening the Indo-US strategic partnership. Further, potentially creating room for bilateral carve-outs or they would not come without certain disadvantages and consequent criticism. Shifting to US suppliers may raise costs—US goods are often priced higher than Asian alternatives. For instance, US LNG landed price is 15–25% higher than Qatari or Russian alternatives. Also, some US exports may not be easily substitutable for inputs sourced elsewhere due to compatibility or volume. There is also the danger of short-term deterioration of the overall trade deficit, since an increase in high-value imports from the US could exacerbate India's overall current account deficit, even if temporarily. And finally, if the US again makes changes to its tariff policy, India's restructuring may become redundant. Nonetheless, India's structural trade flexibility offers a strategic tool to minimize damage from an evolving US tariff regime. By adjusting its trade balance with the US—especially via higher-value, strategically aligned imports—India can moderate tariff exposure from an estimated 15% to 12–13%, generating long-term diplomatic and economic dividends. This is a calculated bet. While there are short-term costs, including possible higher import bills and shifting supply chains, the broader payoff—in reduced tariff penalties, deepened bilateral trust, and a more balanced trade portfolio—may well justify the strategy. India's policymakers must remain nimble, using data-driven calibration and sectoral targeting to make this trade-off work. The author is President, Chintan Research Foundation
