logo
US: Azoria delays Tesla ETF launch after Musk announces his new political party

US: Azoria delays Tesla ETF launch after Musk announces his new political party

First Posta day ago
Investment firm Azoria Partners has postponed the launch of its Tesla-focused exchange-traded fund (ETF) after Elon Musk announced the formation of a new political party in the US, called the 'America Party.' read more
Tesla and SpaceX CEO Elon Musk arrives to the inauguration of US President-elect Donald Trump in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC. File Image/Reuters
Investment firm Azoria Partners said on Saturday it will delay launching its Azoria Tesla Convexity exchange-traded fund (ETF) after Tesla CEO Elon Musk revealed he's forming a new political party, which he has named 'America Party'.
Musk announced the creation of the 'America Party' on social media platform X, just one day after polling his followers. He posted: 'Today the America Party is formed to give you back your freedom.'
Azoria had planned to launch the Tesla ETF next week. The fund would invest in Tesla's shares and options.
STORY CONTINUES BELOW THIS AD
However, following Musk's announcement, Azoria CEO James Fishback posted several critical comments on X about Musk's new party and reiterated his support for US President Donald Trump. Fishback later announced the ETF's postponement, saying:
'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 added that Musk's announcement has shaken investor confidence in Tesla's future, especially after Musk said in May that he was stepping back from leading the Department of Government Efficiency.
Tesla has not yet responded to a request for comment from Reuters.
Musk's announcement came after Trump signed his 'big, beautiful' tax-cut and spending bill into law on Friday—a move Musk has strongly opposed.
Azoria also offers the Azoria 500 Meritocracy ETF, which invests only in the top 500 U.S. companies that do not have hiring targets under diversity, equity, and inclusion (DEI) programs, according to the firm's website.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

tsla: Elon Musk's net worth dips by $14 Billion in a single day, Here's what investors are saying
tsla: Elon Musk's net worth dips by $14 Billion in a single day, Here's what investors are saying

Economic Times

timean hour ago

  • Economic Times

tsla: Elon Musk's net worth dips by $14 Billion in a single day, Here's what investors are saying

Wall Street Grows Wary of Musk's Political Maneuvers Elon Musk Net Worth Takes a Major Hit ADVERTISEMENT Tesla's Sales and Shareholder Confidence Slipping ADVERTISEMENT Musk-Trump Rift Adds Fuel to the Fire The America Party: Strategic Move or Political Overreach? ADVERTISEMENT Musk Political Party Yet to Find Favor Among Investors FAQs Why did Elon Musk lose $14 billion in a single day? What is the 'America Party'? Tech billionaire Elon Musk, known for his sweeping influence in both the corporate and political arenas, suffered a sharp blow to his personal wealth and business standing on Monday. With Tesla shares tumbling 7 per cent, Musk's net worth fell by approximately $14 billion in a single day—an erosion tied closely to Wall Street's growing unease over his escalating political drop follows Musk's announcement of a new political outfit, the 'America Party,' and his increasingly public rift with U.S. President Donald Trump, a development that analysts say has distracted from Tesla's core business performance, as per a report by announcement of Musk's political venture comes at a time of volatility in the electric vehicle (EV) sector and heightened scrutiny of regulatory frameworks under the Trump administration. In a client note issued Monday, William Blair analyst Jed Dorsheimer downgraded Tesla stock from 'Buy' to 'Hold,' citing what he called a 'less favourable federal regulatory credit environment' resulting from recent legislation.'Investors are growing tired of the distraction,' Dorsheimer wrote, referring to Musk's increasing political theatrics and public feuds. The sentiment was echoed across trading desks, with Tesla's shares plunging by $24 apiece during an otherwise uneventful day for the broader Tesla's market value taking a dip, Musk's personal wealth—which remains the largest in the world—now stands at $391 billion, down from $405 billion the previous day, according to Forbes estimates. Despite the decline, he still maintains a commanding lead of over $100 billion compared to the next richest net worth slide comes amid a 32% drop in Tesla stock since President Trump's second term began—a stark contrast to the 4% gain logged by the S&P 500 benchmark in the same struggle is not confined to the stock market. Analysts at J.P. Morgan reported Monday that the company is headed toward its worst annual vehicle delivery numbers since 2022. Data from the first two quarters of 2025 reveal significant declines in deliveries, attributed in part to waning public sentiment towards Musk polling data compiled by Silver Bulletin indicates that 55% of Americans now hold an unfavourable view of Musk, up from 45% at the end of last year. The souring of opinion spans party lines—Democrats, Republicans, and independents alike have all expressed declining confidence in the Tesla CEO, as per a report by Forbes.'The concern isn't just political,' noted Wedbush analyst Dan Ives, a long-time supporter of Tesla stock. 'Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors and shareholders want him to take.'Initially viewed as a strategic alliance between two high-profile power players, the Musk-Trump relationship has deteriorated rapidly over the past few weeks. Musk reportedly contributed $288 million toward Trump's re-election campaign last year, positioning himself as a key political their alignment began to unravel following disagreements over Trump's recently signed fiscal package, which the Congressional Budget Office warns could expand the national debt by $3.4 trillion. Their feud reached a public climax last week when Trump labelled Musk a 'TRAIN WRECK' in a scathing post, while Musk retaliated by accusing the Trump administration of misrepresenting the controversial Epstein Files—a post he later launch of the 'America Party' is seen by some observers as an effort to channel public dissatisfaction into political capital. However, financial markets appear unconvinced, interpreting the move as a distraction from Tesla's operational priorities at a time when competition in the EV market is a twist of irony, Musk's losses on Monday—nearly $14 billion—were nearly equivalent to the total market capitalization of Rivian, Tesla's closest American rival in the EV Musk doubles down on political ambition, industry watchers and financial analysts are raising alarms over the implications for Tesla's long-term trajectory. With analysts now sounding cautionary notes and shareholders increasingly vocal in their discontent, questions remain about how Musk plans to balance corporate leadership with his emerging political the 'America Party' may yet shape U.S. political dynamics, its immediate impact on investor sentiment has been unambiguously negative. For now, the market message is clear: stakeholders would prefer the world's richest man to steer clear of Capitol Hill and return focus to the factory personal wealth dropped by approximately $14 billion on Monday, July 7, 2025, after Tesla shares fell by 7%. This sharp decline is tied to investor concerns over Musk's growing political involvement, particularly the launch of his new political outfit, the 'America Party.'The 'America Party' is a new political movement launched by Elon Musk. Although full details remain limited, it appears to be Musk's attempt to influence U.S. politics independently, diverging from traditional party lines and challenging political norms—an effort many investors view as a distraction from his business priorities.

Big worry for Republicans, Democrats: Musk's America Party gains steam, billionaires quietly line up behind it
Big worry for Republicans, Democrats: Musk's America Party gains steam, billionaires quietly line up behind it

Time of India

timean hour ago

  • Time of India

Big worry for Republicans, Democrats: Musk's America Party gains steam, billionaires quietly line up behind it

Elon Musk's surprise entry into politics with his idea for the " America Party " has shocked both Washington and Wall Street. It started out as a casual poll is now quickly becoming a serious movement, with billionaires like Mark Cuban and people who used to work for Trump joining in. Elon Musk's idea for an "America Party" is also quickly gaining support from important people like Anthony Scaramucci and Mark Cuban. The Tesla CEO's disagreement with Trump over how the government should spend money has made people interested in a third party. Musk thinks that this party could change the Senate and House in the next election. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 11 Foods That Help In Healing Knee Pain Naturally Who's backing Elon Musk's new political party? Some wealthy people have expressed support and possible interest in Elon Musk's proposal to start a new political party in the United States, which he made on X just a day after he made the claim. Live Events Both investment banker Anthony Scaramucci and billionaire Mark Cuban responded to Musk's X post, which claimed that the America Party would provide "independence from the two-party system," by outlining some potential next steps. Mark Cuban, who works with the Center for Competitive Democracy, said he could help get Musk's party on ballots after emoji-celebrating the America Party announcement post. I work with @voterchoice . They will help you get on ballots. That is their mission. — Mark Cuban (@mcuban) July 5, 2025 Anthony Scaramucci, who briefly held the position of White House director of communications during Trump's first term in office, has endorsed the move. 'I would like to meet to discuss. My DMs are open,' Scaramucci wrote on X Saturday. Before being fired ten days into Trump's first term in 2017, Scaramucci was the White House communications director. I would like to meet to discuss. My DMs are open. — Anthony Scaramucci (@Scaramucci) July 5, 2025 What makes the 'America Party' different? Elon Musk's proposed political party, which follows a hostile fallout with Trump, is still the subject of many questions, but according to the Tesla CEO's post on X, it would concentrate on capturing "two or three Senate seats and eight to 10 House districts." It's unclear if Musk has submitted the required documents to formally form the America Party. Alongside a number of ostensibly humorous filings, such as the "American Meme Party," "The Diddy Party," and "The DOGE Party," the most recent filings with the Federal Election Commission include multiple documents that make reference to Musk's new party, though their authenticity is in doubt, as per a report by Engadget. ALSO READ: Elon Musk and Steve Bannon go nuclear — insults, arrest threats, and calls for deportation According to Amash, a successful political party must uphold the Constitution, be fiscally responsible, and support well-known American values like accountability, transparency, citizen privacy, sound money, freedom of expression, and freedom of innovation. Tyler Palmer, a tech investor, has also voiced his support. 'A viable political party must follow the Constitution & be fiscally responsible,' Amash wrote on X. Is this just a feud with Trump or something bigger? In June, Musk's relationship with Trump soured after he attacked the president's spending plan, claiming it would increase the deficit and undo the reforms he had implemented at DOGE. Elon Musk claimed that Trump had withheld the files on alleged sex trafficker Jeffrey Epstein because the president was featured in them and threatened to finance primary challenges against GOP officials supporting Trump's bill. Later, Musk apologized and Trump said he had no ill will toward the Tesla CEO, and the two distanced themselves from the feud. FAQs Who has supported Elon Musk's America Party thus far? Mark Cuban, Anthony Scaramucci, Andrew Yang, and Justin Amash have all expressed support, indicating a growing elite interest in Musk's political ambitions. What is Elon Musk's goal with this party? Elon Musk intends to challenge both major parties by flipping 2-3 Senate seats and 8-10 House districts, emphasizing transparency, fiscal responsibility, and free speech.

Presidential promises: Donald Trump swiftly implements his budget agenda
Presidential promises: Donald Trump swiftly implements his budget agenda

Business Standard

timean hour ago

  • Business Standard

Presidential promises: Donald Trump swiftly implements his budget agenda

Mr Musk, and other critics of the Budget Bill, are concerned in particular about the risk of rising debt levels in the US Business Standard Editorial Comment Mumbai Listen to This Article The United States (US) Congress stayed up late last Thursday passing President Donald Trump's signature new legislation, the 'Big Beautiful Bill', and on Friday Mr Trump signed it into law. The new Bill reworks taxes and expenditure and restructures the multi-trillion-dollar US federal Budget. While some of its implications are relatively minor implementations of Mr Trump's campaign promises — for example, it cancels taxes on tips — some are far more wide-ranging. Most importantly, however, it continues the tax cuts that Mr Trump had put in place in his first term as President. The $4.5 trillion tax-cut giveaway over 10

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store