
Elon Musk should worry about his companies, not politics, says Scott Bessent
On Saturday, the South African-born Musk – an ally-turned-critic of US President
Donald Trump – said he was founding the
'America Party' to challenge what he called the country's 'one-party system'.
When asked by CNN if
Musk's plan bothered the Trump administration, Bessent offered a thinly veiled criticism of the world's richest person.
'I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone,'
Bessent said.
'So I imagine that those board of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities.'
Bessent said the principles of the so-called Department of Government Efficiency (Doge), which Musk ran for several months as part of Trump's drive to slash government spending and jobs, were 'very popular'.
But he added: 'I think, if you looked at the polling, Elon was not.'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


South China Morning Post
2 hours ago
- South China Morning Post
Netanyahu meets Trump at White House as Israel, Hamas discuss Gaza ceasefire
US President Donald Trump hosted Israeli Prime Minister Benjamin Netanyahu for White House talks on Monday, while Israeli officials held indirect negotiations with Hamas aimed at securing a US-brokered Gaza ceasefire and hostage-release deal. Netanyahu's visit follows Trump's prediction, on the eve of their meeting, that such an agreement could be reached this week. Before heading to Washington, the right-wing Israeli leader said his discussions with Trump could help advance negotiations under way in Qatar between Israel and the Palestinian militant group. It was Trump's third face-to-face encounter with Netanyahu since returning to office in January, and came just over two weeks after the president ordered the bombing of Iranian nuclear sites in support of Israeli air strikes. Trump then helped arrange a ceasefire in the 12-day Israel-Iran war. Trump and his aides appeared to be trying to seize on any momentum created by the weakening of Iran, which backs Hamas, to push both sides for a breakthrough in the 21-month Gaza war. He said he also wants to discuss with Netanyahu the prospects for a 'permanent deal' with Iran, Israel's regional arch-foe.


South China Morning Post
3 hours ago
- South China Morning Post
US retreat from foreign aid highlights China's steady outreach
As the United States retreats from foreign aid and scientific collaboration with developing countries, China is going full steam ahead. Through the Belt and Road Initiative and experience gained from humanitarian provision of vaccines during the Covid-19 pandemic, Beijing is expanding its science and technology outreach. This comes as Washington is pursuing a far more insular 'America first' policy that has drastically cut foreign aid and reduced collaborative scientific projects across the Global South. It is not that China is filling a void left by the US; rather, its long-standing global efforts have become more noticeable. At a think tank event in Washington, a leading expert on US-China science cooperation warned against the American retreat in light of China's efforts. At a forum in Chengdu widely covered by Chinese media last month, officials announced a new 'double thousand' plan to deepen collaboration with belt and road countries in areas such as joint research and scientific exchanges. According to the State Council's website, China has scientific agreements with more than 80 foreign governments. Meanwhile, the US State Department is reportedly shutting down its Office of Science and Technology Cooperation with other countries. The Belt and Road Initiative offers ample opportunities for member states to work with a science and tech powerhouse second only to the US. Moreover, so-called vaccine diplomacy during the last pandemic has given mainland officials important lessons on how to combine foreign aid, joint projects and international diplomacy. Vaccine research is one of many areas where breakthroughs are being made in China. An experimental nanovaccine is being developed that could stop plaque building up in arteries, a condition that can cause blood clots, strokes and heart attacks. Another is an immunity 'superbooster' , a vaccine that can potentially work against multiple diseases. China can help developing countries that lack medical and scientific networks to promote and increase inoculation rates, and help produce cheap but effective conventional vaccines, along with knowledge transfer. Such efforts will save lives and build goodwill.


RTHK
3 hours ago
- RTHK
US stocks retreat from records on Trump tariffs
US stocks retreat from records on Trump tariffs Major US indices fell from record highs after Donald Trump announced new tariff levels against trading partners such as Japan and South Korea. Photo: Reuters Wall Street's major indexes closed sharply lower on Monday, after US President Donald Trump announced hefty tariffs against Japan, South Korea and other trading partners while Tesla shares sank after CEO Elon Musk said he was forming a new US political party. Indexes added to losses after Trump announced the tariff rates against Japanese and South Korean imports, due to take effect on August 1. Stocks wobbled further in the late afternoon when he announced hefty tariffs on Malaysia, Kazakhstan, South Africa, Laos and Myanmar. Last week, both the Nasdaq and the S&P 500 ended three sessions with record high closes. The latest record finishes came on Thursday after a robust jobs report. "Markets had been telling us that peak tariff risk is behind us, but to have tariffs back in the forefront is causing some skittishness," said Emily Roland, co-chief investment strategist at Manulife John Hancock Investments in Boston. "Investors were getting to that period of ebullience in markets and we're taking a little step back from that." But investors likely have some hopes the announcements are not permanent, she said: "That's the pattern we've been in, announcing punitive tariffs and then dialing that back a little bit. That could certainly be the next phase of this back and forth negotiation." The Dow Jones Industrial Average fell 422 points, or 0.9 percent, to 44,406, the S&P 500 lost 49 points, or 0.8 percent, to 6,229 and the Nasdaq Composite lost 188 points, or 0.9 percent, to 20,412. The S&P 500's biggest drag came from shares of electric vehicle maker Tesla, which dived 6.8 percent, after CEO Musk announced formation of a new political party named the "America Party", further escalating his feud with Trump. It was Tesla's biggest daily slide since June 5, and its lowest closing level since that session. Investors also awaited other US trade announcements after Trump said on Sunday that the US was on the cusp of several deals and would notify other countries of higher tariffs by July 9, with new duties to take effect on August 1. On Monday, Trump threatened an extra 10 percent tariff on countries aligning themselves with the "Anti-American policies" of the Brics group of Brazil, Russia, India, China and South Africa. (Reuters)