
'Train Wreck Off The Rails': Donald Trump Slams Elon Musk Over New Party, Calls It 'Ridiculous'
Donald Trump has slammed Elon Musk's formation of a new political party, calling it "ridiculous" and saying third parties only create confusion.
Donald Trump on Sunday slammed Elon Musk over his announcement to form a new political party and said the Tesla CEO has completely gone 'off the rails" and has essentially become a 'train wreck" over the past five weeks.
Trump asserted Musk wants to start a Third Political Party, despite the fact that they have never succeeded in the United States.
In a post on his social media handle Truth Social, Trump wrote, '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. 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!"
Hailing his party, the US President wrote, 'Republicans, on the other hand, are a smooth running 'machine," that just passed the biggest Bill of its kind in the History of our Country."
'It is a Great Bill but, unfortunately for Elon, it eliminates the ridiculous Electric Vehicle (EV) Mandate, which would have forced everyone to buy an Electric Car in a short period of time. I have been strongly opposed to that from the very beginning," Trump mentioned.
'People are now allowed to buy whatever they want – Gasoline Powered, Hybrids (which are doing very well), or New Technologies as they come about – No more EV Mandate. I have campaigned on this for two years and, quite honestly, 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 – I was very surprised!" Trump mentioned.
'Additionally, Elon asked that one of his close friends run NASA and, while I thought his friend was very good, I was surprised to learn that he was a blue blooded Democrat, who had never contributed to a Republican before. Elon probably was, also."
'I also thought it inappropriate that a very close friend of Elon, who was in the Space Business, run NASA, when NASA is such a big part of Elon's corporate life. My Number One charge is to protect the American Public!" the US President wrote.
Also speaking to reporters, and responding to a question on Musk announcing a new party, Trump said, '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 has always been a two party system."
'And I think starting a third party just adds to the confusion, third parties have never worked. So, he can have fun with it, but I think it is ridiculous," Trump told reporters before boarding Air Force One in Morristown, New Jersey, as he returned to Washington upon visiting his nearby golf club.
On Saturday, Musk announced that he is establishing the 'America Party' in response to Trump's tax cut and spending bill, which Musk said would bankrupt the country.
Musk said his new party would in next year's midterm elections look to unseat Republican lawmakers in Congress who backed the sweeping measure known as the 'big, beautiful bill."
Musk spent millions of dollars underwriting Trump's 2024 re-election effort and, for a time, regularly showed up at the president's side in the White House Oval Office and elsewhere.
Their disagreement over the spending bill led to a falling out that Musk briefly tried unsuccessfully to repair.
Trump has said Musk is unhappy because the measure, 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 that Tesla and SpaceX receive in government contracts and subsidies in response to Musk's criticism.
About the Author
Vani Mehrotra
Vani Mehrotra is the Deputy News Editor at News18.com. She has nearly 10 years of experience in both national and international news and has previously worked on multiple desks.
Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated!
Location :
New Delhi, India, India
First Published:
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
32 minutes ago
- Mint
Crypto, Startups and Banking Make a Scary Mix
(Bloomberg Opinion) -- The next must-have accessory for crypto and tech bros looks to be far less sexy than a Lamborghini — it's a banking license. Getting approved is typically time-consuming, bureaucratic and dull, but these budding lenders are likely to find themselves pushing on an open door — and that poses dangers. Stablecoin issuer Circle Internet Group Inc. and tech billionaire Peter Thiel are among the names linked with trust bank charter applications in recent days. The backdrop to this is a White House pushing for regulators to help innovation and growth in the economy and finance. Some of that is down to the backing Donald Trump got from Silicon Valley billionaires and crypto moguls in last year's presidential race, plus his personal financial interests in memecoins and digital assets. But it is also down to frustrations with a long drought in new bank formations since the financial crisis of 2008. Before that, many years had seen 100-200 new banks each, according to the Federal Deposit Insurance Corp. Since then, most years have barely seen 10 or 15 lenders open for business. Ultra-low rates have made simple banking less profitable, but campaigners for small banks also blame heavy-handed regulation and tough capital rules. Michelle Bowman, the Trump-appointed chief regulator at the Federal Reserve, has spoken often about this dearth in new banks and promised to bring back more tailoring of supervision and regulation to make life easier for small banks. Stoking the system with banks heavily linked to venture capital and crypto could be a terrible idea, however. These two industries were at the heart of the mini-banking crisis in spring 2023 — and not by coincidence. 'These are the most macroeconomically sensitive parts of the economy,' Steven Kelly, associate director of research at Yale School of Management's Program on Financial Stability, told me. 'When interest rates go up, they are the first sectors to turn down.' Ripple Labs Inc. and BitGo Inc. have recently begun trust bank charter applications, according to Bloomberg News, following the lead of stablecoin issuer Circle, which started its bid to become a bank hot on the heels of its $8 billion initial public offering last month. These national charters don't allow banks to collect deposits or make loans directly, but they can use technology and correspondent banking partners to accomplish the same services. Only one crypto company has gained this kind of national license previously, Anchorage Digital Bank in 2021. But other lenders have become deeply entwined with the industry: The best known, Silvergate Bank and Signature Bank, both failed in March 2023. Another hopeful is Erebor, a digital bank startup backed by an all-star cast of JRR Tolkien fans, including Thiel and Palmer Luckey, according to several reports last week. Their bank, named for a dragon's mountain home in The Lord of the Rings, will focus on the 'innovation economy' including tech businesses and digital currencies. It aims to fill a gap in the market left by the failure of Silicon Valley Bank. The 2023 crisis was concentrated around the West Coast tech scene similar to the way Texas suffered a wave of bank failures in the 1980s, as I wrote at the time. The boom and bust of a dominant local industry (oil in the Texas case) caused irreparable harm to the banks most exposed to it. With Silvergate and Signature (the New York-based exception to the West Coast rule), the problem was that a dominant share of their deposits was there only as a gateway to crypto markets: When prices tumbled and trading dried up, the money left, ruining the banks. At SVB, its funding was mainly cash raised by startup companies. When rising interest rates hit valuations and froze venture capital fundraising, the bank's funds began to shrink too. Startup cash burn became SVB's deposit burn, exposing cracks in its business months before the faster run that killed it off. These banks were focused on economically sensitive industries that are highly correlated to each other, and they lacked diversification of funding. That's a bad business model and it is much more significant in explaining the 2023 failures than depositor fears about unrealized losses on bonds, or the role of social media in transmitting panic, according to Kelly and Jonathan Rose, a senior economist at the Fed Bank of Chicago, in a paper(1) they co-authored on the 2023 blowups. Circle, Erebor and the rest look like they're running straight back toward this bad business model trap. The more successful they are and the bigger they grow, the more dangerous they could be. It's worth remembering that Silvergate and Signature were still small when they created fears of a rolling disaster. As Bowman has discussed in several speeches, the tailoring of bank rules isn't just about size but also complexity and business models. The last of these is what should be ringing alarm bells over these wannabe bankers. The last thing the US needs is a whole new group of banks with a hyper focus on stablecoins, crypto and startups. More From Bloomberg Opinion: (1) Rushing to Judgment and the Banking Crisis of 2023. Steven Kelly and Jonathan Rose. Working paper for the Federal Reserve Bank of Chicago, March 2025 This column reflects the personal views of the author and does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times. More stories like this are available on


Economic Times
33 minutes ago
- Economic Times
Gold prices fall by Rs 4,600/10 gms from peak, open lower at Rs 96,527/10 gms. Analysts predict damp sentiment ahead
Live Events How to trade gold? Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: Gold has support at Rs 96,650-96,300 and resistance at Rs 97,400-97,770 has support at Rs 96,650-96,300 and resistance at Rs 97,400-97,770 Silver has support at Rs 1,07,700-1,07,000 and resistance at Rs 1,09,200-1,10,000 Gold rates in physical markets Gold Price today in Delhi Gold Price today in Mumbai Gold Price today in Chennai Gold Price today in Hyderabad (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel With a reduction in foreseeable trade risks, Gold August futures contracts at MCX gave up their recent gains, falling by Rs 4,558 from their peak of Rs 1,01,078/10 grams hit on June 16. The yellow metal prices opened lower by Rs 463 or 0.48% at Rs 96,527/10 grams on Monday, while the silver September futures contracts were largely trading flat at Rs 1,08,190/kg, falling by 0.22% or Rs 239. Gold prices fell back to about $3,310 per ounce while silver prices held firm at around $36.60 as traders balanced fresh trade tensions and possible policy shifts. President Trump reaffirmed that higher tariffs will hit nations without deals starting August 1, but Treasury Secretary Bessent suggested countries may get three more weeks to negotiate, reducing immediate trade risks and gold's safe-haven demand.'At the same time, robust US jobs data has dampened speculation of a July Federal Reserve rate cut, further weighing on bullion sentiment as investors wait for updates on the US fiscal outlook,' noted Rahul Kalantri, VP of Commodities at Mehta Friday, gold and silver settled on a slightly positive note in the domestic and international markets. Gold August futures contract settled at Rs 96,990 per 10 grams with a gain of 0.21% and silver September futures contract settled at Rs 1,08,429 per kilogram with a gain of 0.18%.Gold and silver gained last week despite upbeat U.S. non-farm employment data amid fears of higher U.S. debt and deficits and weakness in the dollar the US Dollar Index, DXY, was hovering near the 97.05 mark, falling 0.13 or 0.13%.The U.S. non-farm employment surged in the last month and came up at 1,47,000 against expectations of 1,11,000 and the unemployment rate also dropped to 4.1% against expectations of 4.3% and limited the gains of precious metals but the dollar index is trading at 3-1/2 years low and the U.S. 10-year bond yields are also trading below 4.30% and supported gold and silver prices.'Gold and silver also gained amid the U.S. President's tax cut bill could increase the U.S. debt burden and also increase fiscal deficits and support safe-haven buying of precious metals,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and deadline of the U.S. trade deals and gold prices could hold its support level of $3,240 per troy ounce and silver prices could also hold $35.40 per troy ounce levels on a weekly closing basis,' he suggests buying silver around Rs 1,07,700 with a stop loss of Rs 1,06,650 for a target of Rs 1,09,200-1,10, gold (22 carat) prices in Delhi stand at Rs 58,528/8 grams while pure gold (24 carat) prices stand at Rs 62,392/8 gold (22 carat) prices in Mumbai stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 gold (22 carat) prices in Chennai stand at Rs 56,952/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 gold (22 carat) prices in Hyderabad stand at Rs 57,208/8 grams while pure gold (24 carat) prices stand at Rs 60,968/8 grams.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)


Fibre2Fashion
38 minutes ago
- Fibre2Fashion
Connecting life on Earth and shooting for the stars
Insights Mycelium-based leather already a $ * billion annual market. billion annual market. All-natural sports shoe unveiled at the Future Fabrics Expo * * * * . . Biodegradable acoustic panels employed at Glastonbury * * * * . . NASA now exploring growing mycelium materials in space. The fungi-based materials show promise in providing lightweight, durable, and eco-friendly solutions for both Earth and space. To read the full story, become a PRIME member today. All Corporate Members and TexPro Subscribers are eligible to access F2F PRIME CONTENT using the same login credentials. Latest News Insights Latest News Insights Exclusive Industry Articles & Features Exclusive Industry Articles & Features Detailed Article Analytics & Insights Digital Edition of Fibre2Fashion Magazine Digital Edition of Fibre2Fashion Magazine Get notified in your mailbox