Latest news with #TeslaETF
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.
Yahoo
07-07-2025
- Business
- Yahoo
Anti-DEI Firm Postpones Tesla ETF Over Musk Announcement
Azoria, an anti-diversity, equity and inclusion investment firm, postponed the public listing of its Tesla ETF scheduled for this week after Elon Musk announced plans to launch a new national political party, according to a weekend social media post from the investment firm's chief executive. James Fishback, founder and CEO of Azoria, said the decision to delay the Azoria Tesla Convexity ETF (TSLV) came in direct response to Musk's political announcement, according to a Saturday X post. The firm believes the political party creates a conflict with Musk's responsibilities as CEO of Tesla Inc. (TSLA). "This creates a conflict with his full-time responsibilities as CEO of Tesla," Fishback wrote in the X post. "It diverts his focus and energy away from Tesla's employees and shareholders." Azoria sent a letter to Tesla board chair Robyn Denholm expressing concerns about Musk's political ambitions, according to the firm. The letter encourages Tesla's board to meet and ask Musk to clarify his political plans. "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 wrote in the letter to Denholm. The firm praised Tesla's long-term investment potential in artificial intelligence, citing breakthroughs in robotaxis, its Optimus robot and full self-driving technology, according to the letter. Azoria believes no other company is positioned to lead the future like Tesla. Fishback noted that when Musk stepped back from his work at the Department of Government Efficiency in May and returned attention to Tesla, shareholders gained renewed confidence, according to the letter. The CEO said Musk's political party announcement undermines that confidence. The Tesla ETF delay comes as Azoria prepares to launch its anti-DEI fund, the Azoria 500 Meritocracy ETF (SPXM), which will invest in the S&P 500 while excluding companies that use racial or gender quotas in hiring decisions, according to the company's website. Azoria's top holdings include major technology companies like NVIDIA Corp. (NVDA), Microsoft Corp. (MSFT), Apple Inc. (AAPL), Inc. (AMZN), Alphabet Inc. (GOOGL) and Meta Platforms, Inc. (META), according to the company. The SPXM fund uses a proprietary research methodology to exclude companies that have disclosed explicit quantitative demographic hiring targets from a universe of approximately 400 to 500 of the largest U.S. companies, with Fishback stating that investors previously "had no way to exclude DEI losers from their standard S&P 500 ETF," according to the company's website. Azoria also has plans for a Golden Age ETF (GAGE), which will seek long-term capital appreciation by investing in companies aligned with five investment themes including generative artificial intelligence, real-world artificial intelligence, the revival of American manufacturing, American energy and power, and rising general prosperity, according to a June | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
An anti-DEI investment firm is postponing its Tesla ETF, saying Elon Musk has 'gone too far' by launching a political party
Investment firm Azoria has delayed the launch of a Tesla ETF after Elon Musk unveiled his "America Party." Azoria CEO and ex-DOGE advisor James Fishback slammed Musk's move, saying he was undermining Tesla. Tesla investors are uneasy after Musk returned to politics despite saying he would focus on the EV giant. Elon Musk's decision to set up a new political party is already proving a headache for Tesla. James Fishback, CEO of investment firm Azoria, said on Sunday that the firm — which has stated its opposition to DEI targets and "woke" companies — will postpone its planned public listing of a Tesla ETF, which would invest in the EV giant's shares and options. In a post on X, Fishback, who previously worked as an outside advisor to DOGE, said that the billionaire had "gone too far" with his latest plan to set up the "America Party" and take on both Republicans and Democrats. Fishback, who included a letter to Tesla Chair Robyn Denholm in his X post, added that the new party "creates a conflict" with Musk's responsibilities as CEO of Tesla and "actively undermines" the company's mission. "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," said Fishback. Tesla's share price was down as much as 7% premarket on Monday, as investors expressed unease over Musk's decision to dive back into politics. Wedbush Securities analyst Dan Ives wrote in a Sunday note that investors were feeling a "sense of exhaustion" over Musk's new political party. The longtime Tesla bear said that Musk, who told investors in April that he would step back from his role in the Trump administration to focus on the beleaguered EV maker, was going in "exactly the opposition direction" to what Tesla shareholders wanted. Ives also warned that the billionaire's extremely public falling out with Trump could create additional hurdles for Tesla in the future. Other investors expressed similar frustrations. "Waymo has solved autonomous driving. Meanwhile, Elon is starting a new political party," wrote Tesla investor and regular Musk critic Ross Gerber on X. An outspoken supporter of President Donald Trump, Fishback told Business Insider in January he had served as an outside advisor to DOGE, and proposed the idea of a "DOGE dividend" earlier this year. The investment banker, who has said that he owns Tesla stock and that the EV giant is Azoria's largest position, also accused Musk of being fixated on "sabotaging President Trump" and said the Tesla CEO was an "absolute failure" at DOGE in a series of posts on X. Tesla did not respond to a request for comment sent outside normal working hours. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
CNBC
06-07-2025
- Business
- CNBC
Investment firm Azoria postpones Tesla ETF after Musk plans political party
Investment firm Azoria Partners said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange traded fund after Tesla CEO Elon Musk said he was forming a new U.S. 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 about the new party and repeated his support for U.S. 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 (DOGE), 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 U.S. companies that do not impose hiring targets under diversity, equity and inclusion programs, according to its website.
