Trump Says Musk Is ‘Off the Rails' With His Third-Party Effort
'I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks,' Mr. Trump wrote on Truth Social on Sunday evening. 'He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States.'
Mr. Musk's effort to create a new political party, called the America Party, is the latest rupture in his relationship with Mr. Trump. Mr. Musk, the world's wealthiest man, spent hundreds of millions of dollars to support Mr. Trump's presidential campaign, and then Mr. Trump rewarded him with a wide-ranging position overseeing drastic cuts to government staffing and contracts.
Their close bond crumbled in a public spectacle last month, as Mr. Trump pushed his sprawling domestic policy bill through Congress. Mr. Musk panned the legislation, which is projected to add trillions to the federal debt, as a 'disgusting abomination.' He has said he would support primary challengers against any Republican who voted for the legislation, which passed with almost unanimous Republican support, but he has given few details about his new political party.
'Backing a candidate for president is not out of the question, but the focus for the next 12 months is on the House and the Senate,' Mr. Musk wrote on X on Sunday.
Mr. Trump has also threatened to cut billions of dollars in federal contracts and tax subsidies for Mr. Musk's companies.
Want all of The Times? Subscribe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
24 minutes ago
- Business Insider
An anti-DEI investment firm is postponing its Tesla ETF, saying Elon Musk has 'gone too far' by launching a political party
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.
Yahoo
25 minutes ago
- Yahoo
Short-Dated Treasuries Outperform as US Tightens Screws on Trade
(Bloomberg) -- Short-dated Treasuries outperformed at the start of a key week for global trade, with US President Donald Trump intensifying pressure on other countries to strike trade deals ahead of a Wednesday deadline. Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Are Tourists Ruining Europe? How Locals Are Pushing Back Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos The US two-year yield fell by as much as three basis points to 3.85% as trading resumed following Friday's US public holiday, while the 10-year yield rose one basis point to 4.36%. The dollar rose against most major peers. Traders are hoping that the week will finally bring some clarity on where trade tariffs will settle, with only a handful of countries including the UK striking deals so far. The 90 day period of universally lower tariffs is set to expire on Wednesday and Trump has indicated that the US will send letters from today informing various countries of unilateral tariff rates. 'Uncertainty has increased ahead of July 9 trade deal deadline as investors are starting to gradually price in the risk that President Trump could once again escalate global trade tensions and thus deal a blow to the global economic outlook,' said Valentin Marinov, head of G10 FX research and strategy at Credit Agricole. Trump has said trading partners can expect a rate anywhere between 10% and 70% — implying some may have to shoulder higher tariffs than expected — though he suggested some deals are in the offing, too. Adding to the uncertainty, Treasury Secretary Scott Bessent indicated some countries lacking an agreement by Wednesday's deadline will have the option of a three-week extension to negotiate. The dollar, which has often previously fallen on tariff concerns, was stronger against most major global partners on Monday. The Bloomberg Dollar Spot Index rose as much as 0.5%, though remains near its lowest levels since early 2022 after sliding almost 11% this year. 'We have a truce with China, and for the rest, it is a question of whether last-minute deals are struck, whether tariffs are substantially increased or whether fresh extensions are announced. All seem possible,' said Chris Turner, head of FX strategy at ING. The US two-year yield, though modestly lower on Monday, remained more than 10 basis points higher than a week ago. Stronger-than-expected payrolls data last week implied the Federal Reserve can hold interest-rates for longer, sending yields surging. Money markets are only fully pricing the next interest rate cut — which would be the first this year — by October. Federal Reserve meeting minutes from June, due to be published Wednesday, will offer further insight into officials' stance on the inflationary and growth outlooks. Longer-dated Treasuries are expected to remain under pressure after Trump's 'One Big Beautiful Bill' was signed into law last week. The bill, the centerpiece of the President's second-term agenda, extends 2017 tax cuts and will add an estimated $3.4 trillion to US deficits over the next decade. Vincent Mortier, chief investment officer at Amundi SA, one of Europe's largest asset managers, said the bill's detrimental impact on the US fiscal deficit matters more than tariffs, the cost of which 'will be borne by many players'. 'The sustainability of the US debt trajectory will start to be questioned,' he said in an interview with Bloomberg TV on Monday. 'More and more investors will try to hedge or to diversify away — slowly but surely — from the US dollar.' The firm is bearish on the greenback. --With assistance from Naomi Tajitsu. (Updates pricing, adds analyst comment in paragraph four.) For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
Washington Post
28 minutes ago
- Washington Post
Live updates: Trump hosting Netanyahu at White House as U.S. pushes for ceasefire deal in Gaza
President Donald Trump is set to host Israeli Prime Minister Benjamin Netanyahu at the White House on Monday as the United States pushes for a ceasefire deal in Gaza. The two leaders, who are scheduled to meet over dinner, are also expected to discuss U.S. efforts to strike a permanent deal with Iran in the wake of recent airstrikes on its nuclear facilities. Trump is also scheduled to sign executive orders at the White House on Monday. Meanwhile, the administration is scrambling to strike a handful of trade deals this week. Republicans have cheered as President Donald Trump, through a series of lawsuits, executive orders and pure political browbeating, has dramatically expanded the power of the presidency. Those celebrations, however, may turn to anguish the next time a Democrat wins the White House. The onslaught of ads looking to brand the recently passed Republican megabill has begun. A series of Democratic organizations, from Unrig Our Economy to Protect Our Care to the League of Conservation Voters, began airing ads attacking the bill since its passage, with many of the spots directly targeting vulnerable Republicans who voted for the legislation. Since February, the Trump administration has been touting a $5 million visa to wealthy foreigners to get into the United States with lofty promises of an immediate rollout. But in reality, any Trump gold visas are a long way off — if they can ever be implemented at all. BRUSSELS — With only three days remaining before President Donald Trump's self-imposed July 9 deadline, U.S. and European negotiators continue to haggle over a skeletal trade deal that would defer a resolution of their toughest commercial disputes. The prospective accord, which would spare European goods the 50 percent tariffs that Trump has threatened to impose, is one of a relative handful of deals the administration is set to finalize by Wednesday. Republicans waged a mighty, messy and ultimately successful campaign to push their One Big Beautiful Bill Act to President Donald Trump's desk for a Fourth of July signing ceremony. The next campaign — the political battle to define and defend it — will challenge Republicans just as much. By any measure, passage of the bill represents a major victory for a president whose influence and dominance continue to expand.
