Elon Musk's break up routine: A brand new political party
Musk has a history of using polls on X to make major decisions, whether it was buying Twitter or reinstating Trump's account on the platform. Politics, however, requires more than just an online constituency of bots and fans. But there is another reason Musk's chosen form of payback is surprising. Just before relinquishing his position as head of the Department of Government Efficiency, the billionaire had been candid in his appraisal of politics in Washington, DC, describing it as a 'pain' in interviews. That his companies, especially Tesla, apparently paid the price for his political preoccupations didn't help either.
Already, the announcement of Musk's new America Party has seen Tesla stocks tumble, threatening to wipe nearly $70 billion off the firm's value. As he resumes his hostile exchanges with the US President — who has dismissed the formation of the new party as 'ridiculous' — Musk's decision seems less a well-considered attempt to disrupt politics as usual, and more the kind of angry riposte more frequently seen on a school playground.
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NDTV
2 hours ago
- NDTV
'10 Years And $1 Billion': What Musk Needs To Build A Third Party In US
Washington: Building a new US political party from scratch is a daunting task, even for the world's richest man. But that is what Elon Musk, the billionaire behind Tesla and SpaceX, said he plans to do in the wake of his falling out with President Donald Trump. Musk this weekend announced the birth of the "America Party" - dedicated, he said, to defeating Republicans who backed Trump's massive tax-cut and spending bill. Musk described his new party on his platform X as tech-centric, budget-conscious, pro-energy and centrist, with the goal of drawing both disaffected Democrats and Republicans. Musk has criticized the tax-cut bill, which is forecast to add about $3.4 trillion to the United States' debt. Breaking the two-party system's grip on US federal elections would take tremendous resources and a long-term commitment, political experts say. Similar attempts have failed, underscoring how difficult it is to gain a foothold in a country where elections are organized on a state-by-state level. "There are just very, very significant barriers to the creation of a viable third party," said David A. Hopkins, a Boston College political science professor. He said challenges include building party infrastructure, organizing volunteers and qualifying for the ballot. David Jolly, a former Republican congressman from Florida who left the party over Trump, said Musk can provide what has long been required for such a push: money. "What the independent space has been lacking has been resources," Jolly said. "It's more than filing with the Federal Election Commission. It's really starting 50 state parties. You're talking about $100 million just to enter the space with real serious intent." Jolly considered returning to politics as an independent, but he concluded that staying within the two-party system would be a more effective way to reach unhappy voters. He is now running for governor of Florida as a Democrat. In 2016, former New York Mayor Michael Bloomberg, another billionaire, made a similar conclusion, rejecting the idea of running for president as an independent, saying that such a candidate would have "no chance of winning." Jolly estimated it would take Musk 10 years and perhaps $1 billion to build a viable national party - and said Musk's recent history with his Department of Government Efficiency suggests the billionaire may not be in it for the long haul. Musk left DOGE after just a few months in Trump's administration, having delivered little of the savings he promised. "What we have seen is an Elon Musk who is not disciplined ... enough to change American politics," Jolly said. Musk's office did not respond to a request for comment. Tesla shares closed nearly 7% lower on Monday as Musk reignited investors' worries about his focus on the company. Playing Spoiler Musk could have chosen a more traditional path, using his political action committee to back Republican challengers to incumbents in the party primaries ahead of next year's midterm elections, which will determine control of Congress. He was the largest donor in the 2024 US campaign cycle, making nearly $300 million in contributions, mostly focused on helping Trump return to the White House. Not all his political efforts have paid off. He poured millions of dollars into a Wisconsin Supreme Court election in April, only to see his preferred candidate fail. His efforts to convince Republicans in the US Congress not to pass Trump's tax bill also fell flat. It is unclear how effective he would be in backing independents in a handful of competitive US House of Representatives races. As it is, the roughly three-dozen races deemed competitive by nonpartisan analysts are often already swamped with cash from political parties and outside fundraisers, and the candidates themselves typically are ideologically more moderate - which would make it harder for Musk's candidates to differentiate themselves. Historically, congressional candidates outside the two parties have struggled to overcome disadvantages in local efforts to organize and get out the vote. More often, independents have served as spoilers - siphoning away votes from either the Democrat or Republican. In the 2024 election for a House seat in Ohio, independent candidate Dennis Kucinich, a former Democratic congressman, captured more than 12% of the general election vote. The Republican, Max Miller, won by 15 percentage points. Trump mocked Musk's efforts on Sunday. "Third parties have never worked, so he can have fun with it, but I think it's ridiculous," he told reporters. Complicating Musk's plans is that many voters dislike him. Any role he plays in an election is sure to become part of the debate. Musk is viewed less favorably than Trump by the American public at large - just 36% of respondents to a June Reuters/Ipsos poll had a favorable view of Musk compared with 42% who viewed Trump favorably, while 59% of respondents have an unfavorable view of him compared with 55% who viewed Trump unfavorably. But his biggest liability may be that he is trying to challenge Trump politically while relying on support from Trump's own voters. Musk enjoyed his strongest level of support - 78% favorability - among people who voted for Trump in November. "Musk himself is not very popular, and his appeal has a huge overlap with the existing Republican coalition," said Hans Noel, a political scientist at Georgetown University. "There really isn't an unrepresented movement that he's speaking for ... he's unlikely to elect many America Party candidates."
Mint
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Tesla shareholders urge board to rein in Elon Musk as stock sinks over new party launch
In a significant development, investors at electric vehicle maker Tesla Inc. have urged the board to rein in CEO Elon Musk after his latest stunt to launch a new political party led the company's stock to sink. 'The board can't just sit here and watch this go by without saying something and putting guardrails in,' Dan Ives, managing director of Wedbush Securities, a wealth management firm that holds shares in Tesla, told the Washington Post. 'I'm hearing from many shareholders that the frustration is hitting a tipping point,' Ives added. Another Tesla shareholder James Fishback, the Trump-supporting CEO of the Azoria investment company, said over the weekend that he'd be backing out of a new fund focused on the EV maker. 'I encourage the Board to meet immediately and ask Mr Musk to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO,' Fishback wrote to Robyn Denholm, the chair of Tesla's Board of Directors. 'This creates a conflict with his full-time responsibilities as CEO of Tesla,' he added. 'It diverts his focus and energy away from Tesla's employees and shareholders.' On Monday, Tesla shares had slumped a whopping 7%. According to Axios report, the EV company's shares are down by a 14% since the outset of Musk's feud with Trump earlier in June. Over the weekend, Musk announced the launch of a new political party, which has piqued the interest of MAGA critics. US President Donald Trump blasted Musk's bid to start a new political party, intensifying a feud between former allies and deepening investors' concerns about implications for Tesla and other companies led by Musk. 'Third parties have never worked, so he can have fun with it, but I think it's ridiculous,' Trump told reporters on Sunday. The US has 'always been a two-party system,' he added.
The Print
4 hours ago
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X says Indian govt issued blocking order for Reuters, 2,300+ accounts. IT ministry denies
According to the post, after public outcry over the suspension of Reuters and ReutersWorld accounts, the government asked the company to unblock the accounts. In a post via its Global Government Affairs handle, X said that the order demanded immediate action—within one hour—without providing justification and demanded that the mentioned accounts remain blocked until further notice. New Delhi: Two days after the Indian government claimed that there was 'no requirement' from it to 'withhold Reuters handle', Elon Musk-owned social media platform X said Tuesday that last week, on 3 July, it had received orders from the government to block more than 2,300 accounts in India, including those linked to the news agency. The Indian Ministry of Electronics and Information Technology has, however, denied issuing any fresh blocking order. In the same post, X also expressed concerns over the ongoing press censorship in India. It said, 'We are deeply concerned about ongoing press censorship in India due to these blocking orders. X is exploring all legal options available. Unlike users located in India, X is restricted by Indian law in its ability to bring legal challenges against these executive orders. We urge affected users to pursue legal remedies through the courts.' On July 3, 2025, the Indian government ordered X to block 2,355 accounts in India, including international news outlets like @Reuters and @ReutersWorld, under Section 69A of the IT Act. Non-compliance risked criminal liability. The Ministry of Electronics and Information… — Global Government Affairs (@GlobalAffairs) July 8, 2025 Responding to X's post Tuesday, the Ministry of Electronics and Information Technology issued an official statement denying any fresh blocking order on 3 July, 2025. The government had no intent to block any international news agency, it said. It said, 'The Government continuously engaged and vigorously pursued with 'X' from the late night of 5th July 2025. 'X' has unnecessarily exploited technicalities involved around the process and didn't unblock the URLs.' Official Spokesperson, Ministry of Electronics and Information Technology says, "The Government has not issued any fresh blocking order on 3rd July, 2025 and has no intention to block any prominent international News Channels including Reuters and Reuters World. The moment… — ANI (@ANI) July 8, 2025 The government had issued a statement Sunday, saying, 'There is no requirement from the Government of India to withhold Reuters handle. We are continuously working with X to resolve the problem.' Resharing X's post Tuesday, Trinamool Congress MP Mahua Moitra attacked the Bharatiya Janata Party-led government. She said it was 'caught lying again'. Govt caught lying yet again – said they had not blocked @Reuters . Now X says clearly GoI ordered it to block without justification. Shameless. — Mahua Moitra (@MahuaMoitra) July 8, 2025 In addition to Reuters, accounts from other foreign news outlets, including China's Global Times News and Turkey's TRT World, were unavailable in India as of Saturday night. But within a day, all of the accounts were back up and running. The Reuters X handle, as well as those of TRT and Global Times, continue to be accessible in India after the Centre intervened. With up to 20 million Indian users, X has previously restricted access to accounts in India 'in response to a legal demand'. The company has made these announcements through its Global Government Affairs handle. According to X's May announcement, the 'orders' that the Indian government has received 'include demands to block access in India to accounts belonging to international news organisations and prominent X users.' (Edited by Mannat Chugh) Also read: Micro-blogging platform X withholds Reuters primary, world handles in India acting on legal demand
