Latest news with #Republican-Democratic
Qatar Tribune
18 hours ago
- Business
- Qatar Tribune
Musk launches America Party as feud with Trump escalates
Billionaire Elon Musk has followed through on his pledge to create a new political party in the United States after President Donald Trump signed his controversial budget legislation, the so-called 'One Big, Beautiful Bill', into law. Musk in a post on X on Saturday declared the formation of the 'America Party', to 'give back' the people of the US their freedom and challenge what he called the nation's 'one-party system'. He cited a poll, uploaded on Friday – the US's Independence Day – in which he asked whether respondents 'want independence from the two-party (some would say uniparty) system' that has dominated US politics for some two centuries. The yes-or-no survey earned more than 1.2 million responses. 'By a factor of 2 to 1, you want a new political party and you shall have it!' Musk wrote on Saturday. 'When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom,' he declared. The move comes amid a worsening of the feud between the world's richest man and Trump over the new budget law, which the Tesla and SpaceX CEO said would bankrupt the US. Musk was Trump's main campaign financier during the 2024 election, and led the Department of Government Efficiency from the start of the president's second term, aimed at slashing government spending. The two have since fallen out spectacularly over disagreements about the 'Big, Beautiful Bill'. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill, which experts say will pile an extra $3.4 trillion over a decade onto the US deficit. 'They will lose their primary next year if it is the last thing I do on this Earth,' Musk had said. There was no immediate comment from Trump or the White House on Musk's announcement. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government, and to deport the South African-born tycoon. 'We'll have to take a look,' the president told reporters when asked if he would consider deporting Musk, who has held US citizenship since 2002. It is not clear how much impact the new party will have on the 2026 mid-term elections, or on the presidential vote two years after that. On Friday, after posting the poll, Musk laid out a possible political battle plan to pick off vulnerable House of Representatives and Senate seats, and for the party to become 'the deciding vote' on key legislation. 'One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts,' Musk posted on X. All 435 US House seats are up for grabs every two years, while about one-third of the Senate's 100 members, who serve six-year terms, are elected every two years. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly is a tall order, given that it has dominated US political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40 percent, despite the president's often divisive policies. (Agencies)
Dubai Eye
a day ago
- Business
- Dubai Eye
Musk announces forming of 'America Party' in further break from Trump
The dispute between US President Donald Trump and his main campaign financier Elon Musk has taken another fractious turn when the billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America. A day after asking his followers on his X platform whether a new US political party should be created, Musk declared in a post on Saturday that "Today, the America Party is formed to give you back your freedom. "By a factor of 2 to 1, you want a new political party and you shall have it!" he wrote. 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. Musk, who became the word's richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending. The first sign of investor dissatisfaction with Musk's announcement followed later in the day. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said in a post on X. Fishback is asking Tesla's board to clarify Musk's political ambitions and said the new party undermines the confidence shareholders had that he would be focusing more on the company after leaving government service in May. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections. Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: "Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country." There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. The stock soared after Trump's November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40 per cent despite often divisive policies.
Observer
a day ago
- Business
- Observer
Musk announces 'America Party' in further break from Trump
WASHINGTON: The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn when the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America. A day after asking his followers on his X platform whether a new US political party should be created, Musk declared in a post on Saturday that "Today, the America Party is formed to give you back your freedom." "By a factor of 2 to 1, you want a new political party and you shall have it!" he wrote. 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. Musk, who became the word's richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending. The first sign of investor dissatisfaction with Musk's announcement followed later in the day. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said in a post on X. Fishback is asking Tesla's board to clarify Musk's political ambitions and said the new party undermines the confidence shareholders had that he would be focusing more on the company after leaving government service in May. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections. Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: "Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country." There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40 per cent, despite often divisive policies. — Reuters
Ya Libnan
a day ago
- Business
- Ya Libnan
Musk announces forming of ‘America Party' in further break from Trump
By David Brunnstrom and Bhargav Acharya Summary WASHINGTON, July 5 (Reuters) – The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump's 'big, beautiful' tax bill would bankrupt America. A day after asking his followers on his X platform whether a new U.S. political party should be created, Musk declared in a post on Saturday that 'Today, the America Party is formed to give you back your freedom.' 'By a factor of 2 to 1, you want a new political party and you shall have it!' he wrote. 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. Musk, who became the word's richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending. The first sign of investor dissatisfaction with Musk's announcement followed later in the day. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said in a post on X. Fishback is asking Tesla's board to clarify Musk's political ambitions and said the new party undermines the confidence shareholders had that he would be focusing more on the company after leaving government service in May. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections. Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: 'Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country.' There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. The stock soared after Trump's November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40%, despite often divisive policies. (Reuters)
GMA Network
a day ago
- Business
- GMA Network
Musk announces forming of ‘America Party' in further break from Trump
The announcement comes after Trump signed his self-styled "big, beautiful" tax-cut and spending bill into law on Friday, which Musk fiercely opposed. Brandon Bell/ Pool via REUTERS/ File photo WASHINGTON — The dispute between Republican US President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America. A day after asking his followers on his X platform whether a new US political party should be created, Musk declared in a post on Saturday that "Today, the America Party is formed to give you back your freedom." "By a factor of 2 to 1, you want a new political party and you shall have it!" he wrote. 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. Musk, who became the word's richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending. The first sign of investor dissatisfaction with Musk's announcement followed later in the day. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said in a post on X. Fishback is asking Tesla's board to clarify Musk's political ambitions and said the new party undermines the confidence shareholders had that he would be focusing more on the company after leaving government service in May. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections. Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: "Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country." There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. The stock soared after Trump's November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40%, despite often divisive policies. — Reuters
