Latest news with #PORKYPIGPARTY
Sky News
07-07-2025
- Business
- Sky News
Tesla shares sink as Musk launches political party
Why you can trust Sky News Shares in Elon Musk's Tesla have reversed sharply amid renewed concerns about his focus on the company's recovery as he plots against Donald Trump. Shares in the electric car firm plunged by more than 7% at the start of trading on Wall Street - taking about $71bn (£52bn) off its market value. The stock has often come under pressure since Musk started his association with the president, latterly helping bring down federal government costs through a new department known as DOGE (Department of Government Efficiency). But it is now suffering as their political relationship has soured. Musk has publicly opposed the so-called " big, beautiful bill" - Mr Trump's flagship tax cut and spending plans that received Congressional approval last week - since he left his DOGE role. Musk wrote in a post on his X platform on 30 June: "It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country - the PORKY PIG PARTY!!" Once the bill was passed, he created a poll on X, asking people if they would want him to launch the America Party. 1:32 He wrote on 4 July: "Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!" The vote ended with 65.4% in favour of creating the party. The formation of the America Party was announced the following day. "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. Trump responded on his Truth Social account: "I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks. "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." 1:25 Trump has previously threatened to go after Tesla 's government subsidies and contracts through the DOGE department to save "big" as their relationship deteriorated. Such threats have also pressured the share price at Tesla. It has suffered throughout Trump 2.0 and, in fact, has trended lower since last December - shortly after Mr Trump's election win was confirmed. The possibility of tariff hits to the business, followed by actual tariff disruption, along with a consumer and investor backlash against Musk's previous DOGE role have contributed to a 35% decline on the December peak. Tesla sales later suffered globally as the trade war ramped up due to the imposition of tariffs by a government he supported until the public row between him and the president began in early June. Musk had only just renewed his 100% focus on Tesla and his other business interests by that time. Tesla sales were down during the presidential election campaign last year and continued to decline, on a quarterly basis, during the first half of 2025. Neil Wilson, UK investor strategist at Saxo Markets, said of the company's share price woes: "Investors are worried about two things - one is more Trump ire affecting subsidies and the other more importantly is a distracted Musk. "Investors had cheered Musk stepping back from frontline politics but are now worried he's going to sucked back in and take his eye off Tesla."
Global News
02-07-2025
- Business
- Global News
Musk should ‘head back home to South Africa,' Trump says amid tax bill feud
The chasm between two former allies, U.S. President Donald Trump and Elon Musk, is widening once again. Their infamous internet spat, which began in early June, is centred around Musk's opposition to Trump's 'big beautiful bill,' and gained new momentum this week as the controversial legislation moved through Congress and Trump said Musk should return to his country of birth. Musk laid into the president on X on Sunday, calling the budget proposal 'utterly insane' and 'destructive,' claiming that it will damage future business prospects, cause millions of job losses and lead to tax hikes. The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country! Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future. — Elon Musk (@elonmusk) June 28, 2025 Story continues below advertisement The tech billionaire also said the bill will 'cause immense strategic harm' to the U.S. and raise operational costs in the solar, wind, battery, geothermal and nuclear industries. Late Monday, he launched a second wave of insults, saying it would be detrimental to the country's national debt and calling for the creation of a new political party. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people.' It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people. — Elon Musk (@elonmusk) June 30, 2025 On Tuesday, Trump said the South African-born business mogul may have to 'close up shop' and head back home, while threatening to slash government subsidies given to Musk's companies and turn the Department of Government Efficiency (DOGE) on its former head. Story continues below advertisement 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!,' Trump wrote on Truth Social. The president later told reporters the same day that 'DOGE is the monster that might have to go back and eat Elon.' 'Wouldn't that be terrible?' he added. Despite bankrolling Trump's 2024 presidential campaign and helming efforts to eliminate government spending through DOGE, Musk has publicly opposed the tax bill for some time. Nonetheless, the Tesla owner's attempt to sway Republicans eventually fell flat, with the bill scraping through Congress Tuesday in the face of staunch opposition from both parties. Story continues below advertisement Ultimately, Vice-President JD Vance cast the deciding vote for a 51-50 verdict in favour of the highly contentious legislation, which proposes funding cuts to social safety nets, including Medicaid and food aid programs, while financing Trump's nationwide immigration crackdown. It will also slash financial backing for green energy projects and likely, as Musk claims, pile trillions of dollars onto the national debt. The White House says the bill will offer some new benefits for working-class and middle-class Americans with tax cuts and the expansion of take-home pay by up to $10,000 annually. According to the White House website, it also seeks to broaden child-care access, increase the child-care tax credit and create newborn savings accounts. After a tumultuous few days of political infighting, and a reignited war of words between former friends, Trump's bill, which he hopes to ratify by July 4, now has to pass through the House, where Speaker Mike Johnson has warned senators not to deviate too far from what his chamber had already approved during previous rounds of amendments. — With files from The Associated Press
Yahoo
02-07-2025
- Business
- Yahoo
Elon Musk's Wild Warning in Megabill Rage-Posting Spree
Elon Musk joined senators in staying up all night on Monday talking about President Donald Trump's megabill. As senators went on a marathon voting session to meet a July 4 deadline to pass the measure, Musk spent the day on an X posting spree threatening any lawmaker who votes in favor of Trump's so-called 'big, beautiful bill.' The world's richest man warned lawmakers that he would put up a fight in next year's primary elections if they support the administration's signature legislation. 'Anyone who campaigned on the PROMISE of REDUCING SPENDING, but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year,' he said, along with a graphic of the character Pinocchio with the word 'LIAR' plastered on top. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' he said earlier in the day. 'And they will lose their primary next year if it is the last thing I do on this Earth.' Musk also said it was time for a new political party to enter the arena. 'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!' he said. 'Time for a new political party that actually cares about the people.' The former DOGE cost cutter-in-chief has long been a vocal critic of the megabill, which would raise the debt ceiling by $5 trillion—the largest increase in U.S. history—and hike the deficit by $3 trillion, according to the nonpartisan Congressional Budget Office. 'How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill with the biggest debt ceiling increase in history?' Musk said in another post, tagging Reps. Chip Roy and Andy Harris. 'If this insane spending bill passes, the America Party will be formed the next day,' he warned. 'Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.' Musk also vowed to support Kentucky Rep. Thomas Massie, who was excommunicated from MAGAworld by Trump for staunchly opposing the bill and the administration's strikes on Iranian nuclear facilities. In a separate post, Musk boosted a speech against the bill delivered by Sen. Rand Paul, another Kentucky lawmaker who defected from the GOP to vote against the measure. The billionaire tech mogul was the largest donor in the 2024 polls, funneling nearly $300 million into the Trump campaign. Federal Election Commission filings show that Musk's America PAC also backed Republican candidates Randy Fine and Jimmy Patronis, who won in Florida's special elections in March. In April, however, Musk's millions and personal appearance at a Wisconsin rally were not enough to secure a seat for Republican bet Brad Schimel on the state's Supreme Court. He slowly grew more distant from Trump until departing from DOGE in May. The former first buddies have since been at odds, mostly over Musk's opposition to Trump's bill. Tensions between them reached a fever pitch earlier this month when Musk had a public meltdown, accusing the president of ties to sex offender Jeffrey Epstein. Asked about his relationship with Musk, Trump told Fox News on Sunday that he has 'not spoken to him much.' Trump also told NBC News that Musk should tread with caution on funding Democratic candidates. 'If he does, he'll have to pay the consequences for that,' he said. 'He'll have to pay very serious consequences if he does that.' Philip Low, a former Silicon Valley friend of Musk, told Fox News that his old pal has likely been 'humiliated' by his bitter and highly publicized fallout with the president. 'Knowing Elon the way I know him, I do think he's going to do everything to damage the president,' Low said. 'Elon has wooed enough of Trump's supporters to be an actual threat politically.' But Musk was quick to dismiss the claim as 'fake news.' 'Philip Low is not a friend of mine in any way, shape or form,' he wrote. Across the aisle, Musk's trashing of Trump's cornerstone legislation has earned him some unlikely friends. 'Hard to believe I'm siding with the guy who spent $300 million to get Trump elected, but he's not wrong,' Democratic Sen. Elizabeth Warren said. 'Republicans' plan to run up the national debt to hand out giant tax breaks to billionaires will be an economic disaster.' But the Massachusetts lawmaker also took a swipe at Musk in an interview with CNN's The Source with Kaitlan Collins on Monday night. 'The idea of borrowing $3.5 trillion on the nation's credit card in order to be able to give tax breaks to the likes of Elon Musk and Jeff Bezos and Mark Zuckerberg is financially nuts,' she said. 'No one is clamoring for that except a handful of billionaires who made big contributions to Donald Trump's inauguration and got to settle themselves in the front row.'
Indian Express
02-07-2025
- Business
- Indian Express
Divided by ‘big beautiful bill', united by conflicts: The Musk vs Trump feud in last 48 hours
Just a day after slamming US President Donald Trump over a multitrillion-dollar tax and spending bill, world's richest man Elon Musk gave him unexpected praise, crediting Trump for resolving 'several serious conflicts around the world.' 'Credit where credit is due. Donald Trump has successfully resolved several serious conflicts around the world,' Musk posted on X, reacting to Trump's TRUTH Social post about ending the war in Gaza. Credit where credit is due. @realDonaldTrump has successfully resolved several serious conflicts around the world. — Elon Musk (@elonmusk) July 2, 2025 The praise came less than 24 hours after Musk criticised lawmakers for voting in favour of what he called 'the biggest debt increase in history.' He wrote: 'It is obvious with the insane spending of this bill… that we live in a one-party country – the PORKY PIG PARTY!!' It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people. — Elon Musk (@elonmusk) June 30, 2025 Musk's renewed attacks on the bill started Monday afternoon, when he threatened members of Congress who voted for the legislation. He said the bill would undermine his efforts at DOGE which sought fiscal responsibility by eliminating what he and others viewed as wasteful spending. The Senate bill would add nearly $3.3 trillion to the deficit over the next decade, according to a Congressional Budget Office estimate released Sunday. The Senate legislation costs more than the House-approved bill, which would add $2.4 trillion to the deficit over the next decade. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth,' he wrote on X. Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth. — Elon Musk (@elonmusk) June 30, 2025 He later shared a campaign poster with 'LIAR' written across Pinocchio's face above the text 'Voted to increase America's debt by $5,000,000,000,000.' 'Anyone who campaigned on the PROMISE of REDUCING SPENDING, but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year,' Musk wrote. Anyone who campaigned on the PROMISE of REDUCING SPENDING , but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year — Elon Musk (@elonmusk) July 1, 2025 Musk wrote several posts about creating a third party called 'the America Party,' which would serve as a populist alternative to the Republican and Democratic parties. 'If this insane spending bill passes, the America Party will be formed the next day,' Musk said. 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. — Elon Musk (@elonmusk) June 30, 2025 He also posted that he would contribute to the re-election campaign for Kentucky Rep. Thomas Massie, who has been one of the few Republican voices in Congress to take a stand against the bill. Trump has publicly scolded Massie for his opposition. Mocking Republican lawmakers and Musk said, 'How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill…?' He added, 'They will lose their primary next year if it is the last thing I do on this Earth.' Trump early Tuesday morning responded with a threat: He could use DOGE to probe the government contracts and subsidies Musk's companies receive. 'Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,' Trump wrote on Truth Social. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!' In the hours after Trump's post, Musk reposted several graphics on X depicting a climbing national debt, which currently sits at more than $36 trillion, according to government data. On Tuesday at the White House, Trump said Musk risked serious losses from his opposition to the bill. 'He's upset that he's losing his EV mandate,' Trump said. 'He could lose a lot more than that, I can tell you right now. Elon could lose a lot more than that.' 🚨 President Trump on Elon Musk today: 'He is upset he is losing the EV mandate. He can lose a lot more than that.' — DogeDesigner (@cb_doge) July 1, 2025 When asked if Trump would want to deport Musk, an American citizen, Trump said, 'I don't know, we'll have to take a look.' Though Musk has been a naturalised US citizen since 2002, deportation is not legally possible unless citizenship was obtained fraudulently, CNN notes. 'We might have to put DOGE on Elon,' Trump added. 'You know what DOGE is? DOGE is the monster that might have to go back and eat Elon. Wouldn't that be terrible? He gets a lot of subsidies. Elon's very upset that the EV mandate is going to be terminated.' Musk quickly reacted to the video of Trump, saying he was 'tempted' to escalate the tensions but would 'refrain for now'. 'So tempting to escalate this. So, so tempting. But I will refrain for now,' Musk wrote on X. So tempting to escalate this. So, so tempting. But I will refrain for now. — Elon Musk (@elonmusk) July 1, 2025 Trump has argued that Musk's primary opposition to the Big, Beautiful Bill is the loss of EV tax credits. Musk denies that, retweeting a post Monday that said, 'Elon's opposition to the 'One Big Beautiful Bill' has never been about its removal of EV tax credits or the EV mandate, it's simply about his passionate opposition to rising government debt.' 'All I'm asking is that we don't bankrupt America,' Musk posted. All I'm asking is that we don't bankrupt America 🤷♂️ — Elon Musk (@elonmusk) July 1, 2025 Two of Musk's companies — SpaceX and Tesla — have US government contracts or benefit from subsidies, though it is unclear exactly how much the benefits are worth. The Washington Post has reported that Musk's businesses have received at least $38 billion in various government benefits, credits and contracts. So far, the feud hasn't grown as personal or as vicious as their public blow-up last month when Musk, without providing evidence, accused Trump of withholding information about disgraced financier and convicted pedophile Jeffrey Epstein, and claiming that Trump's name was included in the government's so-called Epstein files. The public split is a steep downfall from their previously close-knit relationship, which saw Musk spend at least an estimated $250 million to help elect Trump. A week after the peak of that feud, Musk said he regretted some of his posts about Trump. Musk deleted some of his most inflammatory X posts, including the one relating to Epstein and another agreeing with the suggestion that Trump should be impeached. Musk had since softened his tone about Trump and the bill, largely shifting his focus on social media and in interviews to his companies.
Time of India
02-07-2025
- Automotive
- Time of India
Trump gives deportation threat to Elon Musk. But US President's latest target might have an exit plan
Can Trump deport Elon Musk? Live Events Elon Musk's Canadian citizenship (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The feud between Donald Trump and Elon Musk re-ignited this week with the blowup centered around Musk's opposition to Trump's signature tax bill. Musk posted escalating attacks against Trump's sweeping spending bill on his social media platform X, calling the legislation 'insane' and vowing to form a new political party if it passed late Monday."It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!," Musk posted Monday afternoon. In political terms, "pork" generally refers to spending in lawmakers' response, Trump told reporters Tuesday his administration will "have to take a look" at deporting Elon Musk after the billionaire reignited the feud with the president over his spending bill. The President pushed back on his Truth Social media platform, claiming Tesla CEO Musk was upset about the bill eliminating the electric vehicle (EV) mandate and that "Elon would have to close up shop and head back home to South Africa." When asked by reporters later in the morning if he would deport Musk, Trump said, "We'll have to take a look."Trump likely got the idea of deporting Elon Musk after the President's advisor Steve Bannon in July had called for Musk to be deported from the United States. Also known as 'Trump's brain', Bannon claimed Musk, who is originally from South Africa, was in America illegally. He also claimed that Musk's reported drug use should be probed and that his high-level clearances should be Trump to deport Elon Musk, he would first have to be legally stripped of his citizenship. Musk, originally from South Africa, became a U.S. citizen in 2002 through the naturalization process after several years of living and working in the country. Prior to that, he was a citizen of came to the US to study on a J-1 visa. Musk was reportedly an illegal immigrant when he began his career in the United States. He entered the US on a student visa in 1995. Though he said he would enroll at Stanford University, he never did he founded his company Zip2 – a software firm which was later bought by Compact for over $300 Washington Post reported that Musk in a 2005 email used in a defamation lawsuit said that he applied to Stanford because he otherwise had 'no legal right to stay in the country.'US law states that citizenship gained through naturalization can be revoked if it was "procured by concealment of a material fact or by willful misrepresentation."Elon Musk has the citizenship of three countries: South Africa, Canada and the United States. He gained the citizenship of Canada at birth, when he was born in Pretoria, South Africa. Musk's mother, Maye Musk, was born a Canadian citizen in Regina, Saskatchewan, so Musk automatically inherited Canadian citizenship by descent, according to CIC current Canadian law states that children born outside of Canada can inherit Canadian citizenship from their parents, but only for one generation. This means that if a parent is a Canadian citizen—whether by birth or naturalization—their child will also be a citizen, even if born February, more than 200,000 people from Canada signed a parliamentary petition calling for their country to strip Elon Musk's Canadian citizenship because of the tech billionaire's alliance with Donald Trump. The petition accused Musk of having 'engaged in activities that go against the national interest of Canada' by acting as an adviser to petition asserted that Musk's alignment with Trump makes him 'a member of a foreign government that is attempting to erase Canadian sovereignty'. It asked the then Canadian prime minister, Justin Trudeau, to take away Musk's Canadian passport and revoke his citizenship with immediate to the petition, the billionaire wrote on X: "Canada is not a real country." The post was later according to Canadian laws, citizenship of a person can be revoked only if someone has committed fraud, misrepresented themselves or knowingly hid information on an immigration or citizenship the petition's widespread support, immigration lawyers by and large said the document is unlikely to affect Musk's Canadian citizenship. Citizenship in Canada can only be revoked if it can be proven that fraud or misrepresentation was committed to obtain it."Before they could move to do this, they would need to introduce legislation, there would have to be amendments to the current Citizenship Act," Ramo, former chair of the Canadian Bar Association's immigration section, was quoted as saying by the CBS News."There's no provision that would allow them to pursue revocation of citizenship of a Canadian birth, by virtue of his birth to a Canadian mother." Ramo said it is "fairly rare" for Canadian citizenship to be revoked."A person's citizenship can be revoked if the person obtained, retained, renounced or resumed his or her citizenship by false representation or fraud or by knowingly concealing material circumstances," Larivière said. He said the process includes several steps and a decision by a Federal Court judge unless the citizen in question asks the immigration minister to make the decision.
