Latest news with #AzoriaPartners
Yahoo
07-07-2025
- Business
- Yahoo
Azoria Delays Tesla ETF After Musk Launches Political Party
Azoria Partners postponed the launch of its Tesla (TSLA, Financials) ETF after CEO Elon Musk declared the formation of a new political party, injecting uncertainty into Tesla's leadership and strategic direction. Azoria was scheduled to launch the Azoria Tesla Convexity exchange-traded fund next week, with exposure to Tesla shares and options. The decision to delay followed Musk's announcement Saturday on X, formerly Twitter, that he had formed the America Party. Azoria CEO James Fishback, who has voiced support for U.S. President Donald Trump, said on X that Musk's political plans could distract from his CEO responsibilities at Tesla. 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 posted. Tesla shares dropped $24.09 to $291.00 in premarket trading following the announcement. Fishback said the ETF delay reflects investor concerns over Musk's time and focus after he stepped back from leading the Department of Government Efficiency in May. The news comes a day after Trump signed a broad tax-cut and spending bill into lawlegislation Musk has publicly criticized. Tesla has not responded to requests for comment, according to a Reuters report published Sunday. This article first appeared on GuruFocus.
The Hindu
07-07-2025
- Business
- The Hindu
Elon Musk should stay out of politics, U.S. Treasury Secretary Bessent says
A day after Elon Musk escalated his feud with Donald Trump and announced the formation of a new U.S. political party, the U.S. 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 Saturday 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 Sunday, U.S. Treasury chief Scott Bessent said the boards of directors at 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 Trump's presidency, said his new party would in next year'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 defense 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 Trump signed into law on Friday, 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 more than him. 'The principles of DOGE were very popular,' Mr. Bessent said. 'I think if you looked at the polling, Elon was not.' Mr. Musk's announcement immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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 Sunday, Mr. Fishback added on X, "Elon left us with no other choice." The White House did not respond to a request for comment on Musk's announcement, but 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.
The Advertiser
07-07-2025
- Automotive
- The Advertiser
Trump labels Musk forming political party 'ridiculous'
President Donald Trump has called Elon Musk's plans to form a new political party "ridiculous", saying Musk could have fun with his new project but that the United States functions best under a two-party system. A day after Musk escalated his feud with Trump and announced the formation of a new US political party, the Republican president was asked about it before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club. "I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion," Trump told reporters. "It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous." Musk announced on Saturday that he is establishing the "America Party" in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. In response, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO". Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the "big, beautiful bill". Speaking on the CNN program State of the Union on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies - Tesla and rocket firm SpaceX - probably would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities," Bessent said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that 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 of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, 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 Musk's criticism. Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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," Fishback said. On Sunday, Fishback added on X, "Elon left us with no other choice." The Democratic Party appeared to welcome the rift between Trump and Musk. "Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill," said Abhi Rahman, a spokesperson for the Democratic National Committee. "Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame." President Donald Trump has called Elon Musk's plans to form a new political party "ridiculous", saying Musk could have fun with his new project but that the United States functions best under a two-party system. A day after Musk escalated his feud with Trump and announced the formation of a new US political party, the Republican president was asked about it before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club. "I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion," Trump told reporters. "It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous." Musk announced on Saturday that he is establishing the "America Party" in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. In response, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO". Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the "big, beautiful bill". Speaking on the CNN program State of the Union on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies - Tesla and rocket firm SpaceX - probably would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities," Bessent said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that 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 of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, 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 Musk's criticism. Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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," Fishback said. On Sunday, Fishback added on X, "Elon left us with no other choice." The Democratic Party appeared to welcome the rift between Trump and Musk. "Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill," said Abhi Rahman, a spokesperson for the Democratic National Committee. "Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame." President Donald Trump has called Elon Musk's plans to form a new political party "ridiculous", saying Musk could have fun with his new project but that the United States functions best under a two-party system. A day after Musk escalated his feud with Trump and announced the formation of a new US political party, the Republican president was asked about it before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club. "I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion," Trump told reporters. "It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous." Musk announced on Saturday that he is establishing the "America Party" in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. In response, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO". Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the "big, beautiful bill". Speaking on the CNN program State of the Union on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies - Tesla and rocket firm SpaceX - probably would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities," Bessent said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that 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 of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, 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 Musk's criticism. Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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," Fishback said. On Sunday, Fishback added on X, "Elon left us with no other choice." The Democratic Party appeared to welcome the rift between Trump and Musk. "Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill," said Abhi Rahman, a spokesperson for the Democratic National Committee. "Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame." President Donald Trump has called Elon Musk's plans to form a new political party "ridiculous", saying Musk could have fun with his new project but that the United States functions best under a two-party system. A day after Musk escalated his feud with Trump and announced the formation of a new US political party, the Republican president was asked about it before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club. "I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion," Trump told reporters. "It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous." Musk announced on Saturday that he is establishing the "America Party" in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. In response, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO". Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the "big, beautiful bill". Speaking on the CNN program State of the Union on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies - Tesla and rocket firm SpaceX - probably would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities," Bessent said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that 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 of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, 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 Musk's criticism. Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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," Fishback said. On Sunday, Fishback added on X, "Elon left us with no other choice." The Democratic Party appeared to welcome the rift between Trump and Musk. "Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill," said Abhi Rahman, a spokesperson for the Democratic National Committee. "Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame."
Perth Now
07-07-2025
- Automotive
- Perth Now
Trump labels Musk forming political party 'ridiculous'
President Donald Trump has called Elon Musk's plans to form a new political party "ridiculous", saying Musk could have fun with his new project but that the United States functions best under a two-party system. A day after Musk escalated his feud with Trump and announced the formation of a new US political party, the Republican president was asked about it before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club. "I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion," Trump told reporters. "It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous." Musk announced on Saturday that he is establishing the "America Party" in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. In response, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO". Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the "big, beautiful bill". Speaking on the CNN program State of the Union on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies - Tesla and rocket firm SpaceX - probably would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities," Bessent said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that 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 of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, 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 Musk's criticism. Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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," Fishback said. On Sunday, Fishback added on X, "Elon left us with no other choice." The Democratic Party appeared to welcome the rift between Trump and Musk. "Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill," said Abhi Rahman, a spokesperson for the Democratic National Committee. "Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame."
GMA Network
06-07-2025
- Business
- GMA Network
Musk should stay out of politics, US Treasury Secretary Bessent says
WASHINGTON — A day after Elon Musk escalated his feud with Donald Trump and announced the formation of a new US political party, the Republican president's Treasury secretary said Musk should stick to running his companies. In addition, investment firm Azoria Partners, which had planned to launch a fund tied to Musk's electric automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO." Musk announced on Saturday that he is establishing the "America Party" in response to Trump's tax-cut and spending bill, which Musk said would bankrupt the country. Speaking on the CNN program "State of the Union" on Sunday, Treasury Secretary Scott Bessent said the boards of directors at Musk's companies—Tesla and rocket firm SpaceX—probably would prefer him to stay out of politics. "I imagine that those boards of directors did not like this announcement yesterday [Saturday] and will be encouraging him to focus on his business activities, not his political activities," Bessent said. Musk, who served as a top adviser to Trump on downsizing and reshaping the federal government during the first few months of his presidency, said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the "big, beautiful bill." The White House did not directly address the threat made by Musk but said the bill's passage showed that the Republican Party is in strong shape. "As the leader of the Republican Party, President Trump has unified and grown the party in a way we've never seen," White House spokesperson Harrison Fields said. Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that Musk briefly tried unsuccessfully to repair. The bill, which cuts taxes and ramps up spending on defense and border security, passed last week on party-line votes in both chambers of Congress. Critics have said it will damage the US economy by significantly adding to the federal budget deficit. Trump has said Musk is unhappy because the measure, which Trump signed into law on Friday, 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 Musk's criticism. Bessent suggested that Musk holds little sway with voters who, according to the treasury chief, liked the Department of Government Efficiency that Musk spearheaded more than they liked the world's wealthiest person himself. "The principles of DOGE were very popular," Bessent said. "I think if you looked at the polling, Elon was not." Investor rebuke Musk's announcement of a new party immediately brought a rebuke from Azoria Partners, which said on Saturday 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 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," Fishback said. On Sunday, Fishback added on X, "Elon left us with no other choice." Stephen Miran, the chairman of Trump's Council of Economic Advisers, defended the tax-cut bill on ABC's "This Week" program. "The one, big, beautiful bill is going to create growth on turbo charge," Miran said. The Democratic Party appeared to welcome the rift between Trump and Musk. 'Trump's MAGA party is splitting at the seams in the wake of his nightmare budget bill," said Abhi Rahman, a spokesperson for the Democratic National Committee." Republicans are waking up and facing the reality that they just signed their own pink slips, and are desperate for someone else to blame." — Reuters
