Trump says Musk has gone 'off the rails' after Tesla CEO announces new political party
"I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks," Trump said in a post on Truth Social late Sunday stateside. "The one thing Third Parties are good for is the creation of complete and total disruption and chaos."
Musk said in a post on X Saturday that he had set up the "American Party" to compete against the Republican and Democratic parties. The billionaire had teased for weeks the idea of a new political party, taking on Trump over the tax and spending plans that he said would bankrupt the economy.
"By a factor of 2 to 1, you want a new political party and you shall have it!" Musk wrote, "Today, the America Party is formed to give you back your freedom."
Disagreement over the spending bill had led to a dramatic falling out between Trump and Musk, souring the bromance which saw Musk spend millions of dollars sponsoring Trump's re-election bid and the president appoint Musk to lead the Department of Government Efficiency, known as DOGE, tasked with identifying areas to cut federal spending.
"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 said Sunday, Reuters reported, a day after Musk's announcement.
Trump also took aim at Musk's push for an "Electric Vehicle Mandate" in the Sunday post, saying it would have "forced everyone to buy an Electric Car in a short period of time."
The president's tax and spending cut bill, which was signed into law on July 4, put an end to tax credits for buyers of electric vehicles.
Trump said in the post that he had warned Musk during his presidential campaign that he planned to terminate the EV tax credit if he won a second term.
"When Elon gave me his total and unquestioned Endorsement, I asked him whether or not he knew that I was going to terminate the EV Mandate – It was in every speech I made, and in every conversation I had. He said he had no problems with that," Trump said.
Musk's announcement drew criticism from Trump's allies such as James Fishback, CEO of investment firm Invest Azoria.
Fishback said he postponed an initial public listing of its Azoria Tesla Convexity ETF, "in direct response" to Musk's formation of a new party, and urged the Tesla's board to rein him in.
"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," Fishback said in a post on X.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
16 minutes ago
- Newsweek
Zohran Mamdani Gets Major Polling Boost in New York Mayoral Race
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Zohran Mamdani is leading other candidates by double-digits in New York City's mayoral race, according to a new poll from Gotham Polling & Analytics. Newsweek has contacted Mamdani's campaign for comment via email outside regular business hours. Incumbent mayor Eric Adams' campaign and a spokesperson for former governor Andrew Cuomo have also been contacted for comment via email, Why It Matters Mamdani, a 33-year-old democratic socialist, won New York City's Democratic mayoral primary last month in a stunning upset for Andrew Cuomo, after running an energetic campaign focused on lowering the cost of living. He has promised free city buses, free child care, a rent freeze for people living in rent-stabilized apartments, government-run grocery stores and more, all paid for with taxes on the wealthy. Cuomo, the former governor who is seeking a political comeback from the sexual harassment that led to his resignation in 2021, conceded defeat on the night of the primary, but is weighing whether to mount a campaign as an independent candidate. The general election field also includes incumbent New York City mayor Eric Adams, who said he would run as an independent rather than seek the Democratic nomination again following backlash over his indictment on federal corruption charges. The case has been dismissed, and Adams has denied wrongdoing. The field also includes independent candidate Jim Walden and Republican Curtis Sliwa. Zohran Mamdani, Democratic candidate for New York City mayor, speaks during a press conference celebrating his primary victory with leaders and members of the city's labor unions on July 2, 2025 in New York. Zohran Mamdani, Democratic candidate for New York City mayor, speaks during a press conference celebrating his primary victory with leaders and members of the city's labor unions on July 2, 2025 in New York. Angela Weiss/AFP via Getty Images What To Know Mamdani is leading with 41 percent, followed by 26 percent for Cuomo and just 16 percent for Adams, according to the survey by Gotham Polling & Analytics, first reported by the New York Post. Sliwa had just under 10 percent of support. The poll surveyed just over 1,000 voters between June 30 and July 2. According to the Post, the survey was aimed at drumming up support for Adams' reelection bid and was "heavily skewed when surveying voters to try to boost Adams' numbers and tarnish others." Still, both Cuomo and Adams' numbers appear to be dragged down by their scandals. More than half—51 percent of voters—said they would never vote for Adams, while 39 percent said the same about Cuomo. Some 46 percent said the same for Mamdani. What People Are Saying Stephen Graves, of Gotham Polling & Analytics, told the Post: "If both [Cuomo and Adams] are in the race anywhere near the election, Mamdani can go pick out drapes for Gracie Mansion. "If [Adams or Cuomo] drops out, [the other has] a chance, but based on this, Cuomo has the better chance." Adams' campaign spokesman Todd Shapiro told the Post: "Let's be clear: Andrew Cuomo spent nearly $30 million in the primary and was soundly rejected by voters. If all that money and national attention translates to just a two-point lead in one early poll, that's not a show of strength—it's a ceiling. "Meanwhile, Mayor Adams is just beginning to campaign, and as more voters hear his message and see the facts, that gap will close and the momentum will shift decisively." Cuomo spokesperson Rich Azzopardi told The Associated Press last week: "We'll be continuing conversations with people from all across the city while determining next steps." Mamdani said on X last week: "I am humbled by the support of more than 545,000 New Yorkers in last week's primary. This is just the beginning of out expanding coalition to make New York City affordable. And we will do it together." What's Next Voters will go to the polls to decide the city's next mayor on November 4.
The Hill
17 minutes ago
- The Hill
Musk tweaks Trump with Jeffrey Epstein post
Tech billionaire Elon Musk trolled President Trump early Monday with a post knocking the administration for making no arrests related to the Jeffrey Epstein case. Musk, Trump's former ally-turned-foe, posted an image to the social platform X of 'The Official Jeffrey Epstein Pedophile Arrest Counter,' set to '0000.' 'What's the time? Oh look, it's no-one-has-been-arrested-o'clock again …,' Musk captioned the photo. The post came after Axios reported on a new memo Sunday evening revealing the Justice Department and FBI have concluded there is no evidence that Epstein, a convicted sex offender, blackmailed powerful figures or kept a 'client list,' as many conspiracy theories suggest. The memo, according to Axios, also says there's no evidence to suggest Epstein was murdered — supporting a medical examiner's report that he died by suicide in a Manhattan jail in 2019. According to the news outlet, the two-page memo also suggests no one else involved in the Epstein case will be charged. The Hill has reached out to the Justice Department for comment. Trump's feud with Musk came to a head last month, when the Tesla chief executive said it was time to drop 'the really big bomb.' '[Trump] is in the Epstein files. That is the real reason they have not been made public,' Musk wrote on X at the time. 'Mark this post for the future. The truth will come out,' Musk followed up, minutes later. Trump, before he was elected in November, said he would have 'no problem' releasing files related to Epstein, something some lawmakers and many on social media have called for after the financier's death. The president last year denied any connection to Epstein, writing on social media, 'I was never on Epstein's Plane, or at his 'stupid' Island. Strong Laws ought to be developed against A.I. It will be a big and very dangerous problem in the future!' Musk's allegation last month came just minutes after Trump threatened to cancel government contracts with his 2024 campaign's largest contributor's companies. Earlier on Sunday, Trump issued a lengthy post attacking Musk for calling for a third party, saying, '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,' he added. 'The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS, and we have enough of that with the Radical Left Democrats, who have lost their confidence and their minds!'
Business Insider
26 minutes ago
- Business Insider
Tesla CEO vs. Trump: Elon Musk's Political Gambit Sparks ‘Train Wreck' Remark
Tesla (TSLA) CEO Elon Musk has reignited political drama—this time not over markets, but politics. Over the weekend, Musk officially launched a new U.S. political party called the 'America Party,' saying it was needed to break the current 'one-party system' and restore 'freedom' to Americans. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. The announcement didn't go unnoticed. President Donald Trump sharply criticized Musk's move, calling him a 'train wreck' and claiming he had gone 'completely off the rails' in recent weeks. Trump also took aim at the viability of third parties in U.S. politics, calling the idea 'ridiculous' and a source of 'confusion.' Musk Breaks with Trump in Political Power Play The feud marks a sharp turn in their relationship. Musk had previously donated over $250 million to Trump's campaign and briefly served as an adviser in the White House, leading a cost-cutting initiative known as 'Doge.' But tensions rose after Musk criticized Trump's recently signed 'One Big Beautiful Bill Act,' warning that it would add $3 trillion to the national debt and 'bankrupt' the country. Musk Launches Party, Raises New Risks While Musk hasn't confirmed any personal political run, he hinted that the America Party may focus on select congressional races in 2026, sparking speculation about its potential to draw votes away from Republicans in key districts. Adding to the drama, Treasury Secretary Scott Bessent suggested that Musk's political involvement might worry Tesla and SpaceX's boards. Musk fired back, calling Bessent a 'Soros stooge' due to his past ties with Soros Fund Management, where he helped manage large investments under financier George Soros. With politics entering Musk's already packed portfolio, both Wall Street and Washington are watching closely, especially as Tesla gears up for its Q2 earnings later this month. What Is the Prediction for Tesla Stock? When it comes to Elon Musk's companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla. Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 12 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $293.09 per share implies 7.06% downside risk.
