Latest news with #AzoriaTeslaConvexity
Time of India
a day ago
- Business
- Time of India
‘Elon has gone too far': Former DOGE adviser asks Tesla Board to confront Musk over political party plans
James Fishback , a former adviser to the Department of Government Efficiency ( DOGE ), has written a scathing open letter to Tesla's board of directors, calling on them to immediately meet with Elon Musk and seek clarity over his political ambitions . The move comes days after Musk announced the formation of a new national political party — the America Party — which Fishback argues is incompatible with Musk's duties as Tesla CEO. Fishback's concerns were outlined in a detailed letter addressed to Tesla board chair Robyn Denholm and publicly shared on social media. He also announced that his investment firm, Azoria Partners , has postponed the launch of its Azoria Tesla Convexity ETF in response to Musk's political foray. 'Elon has gone too far,' Fishback wrote. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo 'Our decision comes in direct response to @ElonMusk's announcement that he is launching a new national political party. This creates a conflict with his full-time responsibilities as CEO of Tesla. It diverts his focus and energy away from Tesla's employees and shareholders.' — j_fishback (@j_fishback) Live Events 'Not aligned with Tesla's mission' Fishback, whose firm had planned to list an exchange-traded fund (ETF) focused solely on Tesla shares and options next week, said the political move risks shareholder confidence . He referenced Musk's earlier decision in May to step back from DOGE — a federal role he held under Donald Trump's administration — and said investors had welcomed the renewed focus on Tesla. 'In May, when Elon stepped back from his work at DOGE and returned his attention to Tesla, we were encouraged. With Elon fully engaged, he gave shareholders renewed confidence in Tesla's future. Elon's announcement today undermines that confidence.' He added that, unlike Musk's other ventures — such as SpaceX or xAI — which align with Tesla's ambitions in AI and automation, a political party 'not only fails to complement Tesla's mission—it actively undermines it.' In the letter, Fishback urged the Tesla board to evaluate whether Musk's political activities are 'compatible with his full-time obligations to Tesla as CEO.' He concluded by saying, 'I remain hopeful that Elon will return his full attention to Tesla. If not, I trust the Board will take appropriate action.' US Treasury Secretary adds to concerns US Treasury Secretary Scott Bessent also weighed in on Musk's announcement, suggesting the billionaire entrepreneur should focus on his business ventures. When asked by CNN if Musk's political entry was a concern for the Trump administration, Bessent said: '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.' 'So 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,' Bessent added. Musk's declaration about the America Party came shortly after he ran a poll on X, where a majority of his followers supported the idea. His message accompanying the poll read: 'Today the America Party is formed to give you back your freedom.' The Tesla board has not yet issued a response to Fishback's letter.
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First Post
2 days ago
- Business
- First Post
US: Azoria delays Tesla ETF launch after Musk announces his new political party
Investment firm Azoria Partners has postponed the launch of its Tesla-focused exchange-traded fund (ETF) after Elon Musk announced the formation of a new political party in the US, called the 'America Party.' read more 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. STORY CONTINUES BELOW THIS AD 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.
New Straits Times
2 days ago
- Business
- New Straits Times
Investment firm Azoria postpones Tesla ETF after Musk plans political party
NEW YORK: Investment firm Azoria Partners said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange traded fund (ETF) after Tesla chief executive officer (CEO) Elon Musk said he was forming a new US political party. Musk made the announcement a day after polling his followers on the X social media platform he owns, declaring, "Today the America Party is formed to give you back your freedom." Azoria was set to launch the Tesla ETF, which would invest in the electric vehicle company's shares and options, next week. However, following Musk's announcement Azoria CEO James Fishback posted on X several critical comments of the new party and repeated his support for US President Donald Trump. That culminated in a post where Fishback announced the postponement of the ETF. "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. The announcement undermines the confidence shareholders had in Tesla's future after Musk said in May he was stepping back from his role leading the Department of Government Efficiency, Fishback said. Tesla did not immediately respond to a Reuters' request for comment. The announcement from Musk comes after Trump signed his self-styled "big, beautiful" tax-cut and spending bill into law on Friday, which Musk fiercely opposed. Azoria is also offering the Azoria 500 Meritocracy ETF that only invests in the top 500 US companies that do not impose hiring targets under diversity, equity and inclusion programs, according to its website.
