Latest news with #Tesla-linked
See - Sada Elbalad
15 hours ago
- Business
- See - Sada Elbalad
U.S. Treasury Secretary to Musk: 'Stay Out of Politics, Focus on Your Companies'
Taarek Refaat A day after tech mogul Elon Musk announced the formation of a new political party in a direct challenge to former President Donald Trump, U.S. Treasury Secretary Scott Bissent issued a blunt public message: 'Stick to running your companies and leave politics to the politicians.' The remark comes amid growing concern from investors and board members over Musk's deepening political involvement. The announcement of Musk's 'America Party' over the weekend has already had immediate financial repercussions, including the postponement of a major investment initiative. Investor Backlash and Delayed Deals Azuria Partners, a private equity firm that had been planning to launch a Tesla-linked investment fund this week, said Sunday it would delay the project. In a statement, the firm cited 'an inherent conflict between Mr. Musk's executive responsibilities and the political ambitions he has now publicly declared.' James Fishback, CEO of Azuria Partners and a known Trump supporter, took to X (formerly Twitter) to voice his disapproval. 'Elon left us no choice,' Fishback posted, calling on Tesla's board to convene an emergency meeting and demanding clarity on Musk's political intentions. Musk vs. Trump: From Allies to Rivals The political clash marks a dramatic turn in the relationship between Musk and Trump. The two were once allies, with Musk playing a visible role during Trump's re-election campaign and even advising on tech-related issues during his first term. But the recently passed 'Big Beautiful Law'—Trump's sweeping tax-cut and defense spending package—proved to be the final straw. Musk blasted the law, warning it would "bankrupt the country" and disproportionately harm clean energy initiatives. His proposed party, the 'America Party,' aims to challenge pro-Trump Republicans in the upcoming midterms. Musk's sharp pivot has reportedly alarmed board members at both Tesla and SpaceX, according to Secretary Bissent. 'I imagine the boards were not thrilled with yesterday's announcement,' Bissent said during a Sunday CNN interview. 'They'll likely encourage Elon to refocus on the business side.' Trump Responds with Threats President Trump, never one to leave a slight unanswered, claimed Musk's outrage was rooted in the removal of electric vehicle tax incentives from the new law—an indirect blow to Tesla's profit margins. Speaking to supporters at a rally in Ohio, Trump warned he might revoke billions of dollars in federal contracts and subsidies currently flowing to Musk's companies. 'Tesla and SpaceX have made fortunes off the government,' Trump said. 'If Elon wants to play politics, he better be ready to lose the perks.' A Popular Department, An Unpopular Founder Interestingly, despite the political turbulence, Musk's earlier government initiative— the Department of Government Efficiency (DOGE), established during Trump's administration—remains widely popular. But as Bissent noted, 'Voters liked DOGE. They didn't necessarily like Elon.' Recent polling supports Bissent's view, showing lukewarm public support for Musk as a political figure, despite his towering influence in the tech and automotive sectors. What's Next for Musk? While the White House has not issued an official response, Trump's chief economic advisor Stephen Miran defended the controversial law during a separate interview with ABC. 'The Big Beautiful Law will unleash economic growth,' he said. Meanwhile, calls are growing within Tesla's shareholder community for clarity and accountability. Whether Musk will double down on his political crusade or heed calls to step back remains unclear. But as markets react and political tensions rise, one thing is certain: Elon Musk's entry into politics has rattled not just Washington—but Wall Street, too. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Time of India
21 hours ago
- Automotive
- Time of India
Musk should stay out of politics, US Treasury Secretary Bessent says
Elaan Musk's new political party faced immediate backlash. Treasury Secretary questioned Musk's focus. Investment firm Azoria Partners delayed Tesla-linked fund launch. They cited conflict with Musk's CEO role. Musk's party aimed to unseat Republicans over Trump's spending bill. Trump threatened to pull government contracts from Tesla and SpaceX. Azoria CEO James Fishback criticized Musk's political ambitions. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads INVESTOR REBUKE Tired of too many ads? Remove Ads A day after Elon Musk escalated his feud with Donald Trump and announced the formation of a new U.S. political party, the president's Treasury secretary said Musk should stick to running his investment firm Azoria Partners , which had planned to launch a fund tied to Musk's automaker Tesla, said it was delaying the venture because the party's creation posed "a conflict with his full-time responsibilities as CEO".Musk said on Saturday he was establishing the " America Party " in response to Trump's tax-cut and spending bill, which Musk claimed would bankrupt the on CNN on Sunday, Treasury chief Scott Bessent said the boards of directors at Musk's companies - Tesla and rocket firm SpaceX - likely would prefer him to stay out of politics."I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities," Bessent who served as a top adviser to the White House on trimming the size of government during the first few months of Trump's presidency, said his new party would in next year's midterm elections look to unseat Republicans in Congress who backed the "big, beautiful bill".Musk spent millions of dollars underwriting Trump's re-election effort and for a time, regularly showed up at the president's side in the Oval Office and elsewhere. Their disagreement over the spending bill led to a falling out that Musk briefly tried unsuccessfully to bill, which cuts taxes and ramps up spending on defense and border security, passed last week on party-line votes in both chambers. Critics argue it will damage the economy by significantly adding to the federal budget has said Musk is unhappy because the bill, 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 Tesla and SpaceX receive in government contracts and subsidies in response to Musk's suggested Musk holds little sway with voters who, he said, liked his Department of Government Efficiency more than him."The principles of DOGE were very popular," Bessent said. "I think if you looked at the polling, Elon was not."Musk's announcement immediately brought a rebuke from Azoria Partners, which said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange-traded fund. Azoria was set to launch the Tesla ETF this CEO James Fishback posted on X several critical comments about the new party and reiterated his support for Trump."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 Sunday, Fishback added on X, "Elon left us with no other choice."The White House did not respond to a request for comment on Musk's announcement, but Stephen Miran, the chairman of Trump's Council of Economic Advisers, defended the bill on ABC's "This Week"."The one, big, beautiful bill is going to create growth on turbo charge," Miran said.
Russia Today
02-05-2025
- Automotive
- Russia Today
Musk labels WSJ ‘a discredit to journalism'
Elon Musk has branded the Wall Street Journal a 'discredit to journalism,' categorically denying the outlet's claim that Tesla's board wants to replace him as the CEO of the electric car company. The WSJ claimed, citing anonymous sources, that about a month ago Tesla's board reached out to a number of executive search firms to work on a formal process for finding a new CEO. The directors 'got serious' after Tesla's stock plunged and investors got 'irritated' by Musk's focus on his job as the head of the Department of Government Efficiency (DOGE). Tesla Chair Robyn Denholm issued a statement in which she called the report 'absolutely false.' 'The CEO of Tesla is Elon Musk and the board is highly confident in his ability to continue executing on the exciting growth plan ahead,' Denholm stressed. Musk reacted to the report on his X platform on Thursday, insisting that 'it is an extremely bad breach of ethics that the Wall Street Journal would publish a deliberately false article' and slammed the outlet for its failure to include the Tesla board's 'unequivocal denial' of claims that it is searching for a new CEO in its article. In a separate comment, the Tesla and SpaceX CEO labeled the WSJ a 'discredit to journalism.' Tesla suffered a 71% drop in profits and a 9% decline in revenue for the first quarter of 2025, during which time Musk became an increasingly polarizing figure, due to his close ties to US President Donald Trump and his work as the head of the DOGE, an agency tasked with slashing government spending. Since January, dozens of Tesla-linked locations have been hit by protests, in what Musk claims is a coordinated effort bankrolled by major Democratic donors. There have also been violent attacks, including arson attempts, on the company's dealerships, vehicles and charging stations. A week ago, Musk announced that he will scale back his government role because the 'major work' to establish DOGE has now been completed. During a cabinet meeting on Wednesday, Trump thanked the tech billionaire for his contribution, saying 'you know you are invited to stay as long as you want... I guess he wants to get back home to his cars.'
Russia Today
01-05-2025
- Automotive
- Russia Today
Musk denies WSJ report Tesla board seeks to replace him
Elon Musk has rejected as 'deliberately false' a report by the Wall Street Journal, claiming that Tesla's board is looking to replace him as the CEO of the electric car company. The WSJ claimed, citing anonymous sources, that about a month ago Tesla's board reached out to a number of executive search firms to work on a formal process for finding a new CEO. The directors 'got serious' after Tesla's stock plunged and investors got 'irritated' by Musk's focus on his job as the head of the Department of Government Efficiency (DOGE). Tesla Chair Robyn Denholm issued a statement in which she called the report 'absolutely false.' 'The CEO of Tesla is Elon Musk and the board is highly confident in his ability to continue executing on the exciting growth plan ahead,' Denholm stressed. Musk reacted to the report on his X platform on Thursday, insisting that 'it is an extremely bad breach of ethics that the Wall Street Journal would publish a deliberately false article' and slammed the outlet for its failure to include the Tesla board's 'unequivocal denial' of claims that it is searching for a new CEO in its article. In a separate comment, the Tesla and SpaceX CEO labeled the WSJ a 'discredit to journalism.' Tesla suffered a 71% drop in profits and a 9% decline in revenue for the first quarter of 2025, during which time Musk became an increasingly polarizing figure, due to his close ties to US President Donald Trump and his work as the head of the DOGE, an agency tasked with slashing government spending. Since January, dozens of Tesla-linked locations have been hit by protests, in what Musk claims is a coordinated effort bankrolled by major Democratic donors. There have also been violent attacks, including arson attempts, on the company's dealerships, vehicles and charging stations. A week ago, Musk announced that he will scale back his government role because the 'major work' to establish DOGE has now been completed. During a cabinet meeting on Wednesday, Trump thanked the tech billionaire for his contribution, saying 'you know you are invited to stay as long as you want... I guess he wants to get back home to his cars.'
Russia Today
23-04-2025
- Business
- Russia Today
Musk promises to cut back on White House role
Tesla and SpaceX CEO Elon Musk has announced he will scale back his efforts to cut government spending at the controversial US Department of Government Efficiency (DOGE), and refocus on his businesses. Tesla suffered a massive 71% drop in profits and a 9% decline in revenue for the first quarter of 2025. Musk clarified though that he has no intention of stepping away from his work with DOGE altogether. During a conference call with analysts on Tuesday, Musk stated that with the 'major work of establishing the Department of Government Efficiency' now complete, he plans to dedicate more time to Tesla and expects to spend only 'a day or two per week on government matters.' The EV manufacturer, based in Austin, Texas, reported a net profit of $409 million for the first quarter of 2025, a steep decline from $1.41 billion in the same period a year earlier - the largest year-on-year drop in the company's history. Tesla's revenue also fell from $21.3 billion to $19.3 billion between January and March. Analysts have largely attributed the steepest sales decline in Tesla's history to Musk's role with DOGE. The tech billionaire has become an increasingly polarizing figure due to his close ties to US President Donald Trump and his work as the head of the unofficial agency tasked with slashing government spending. Since January, dozens of Tesla-linked locations across the US and internationally have been hit by protests. Musk has suggested the campaign could be a coordinated effort bankrolled by major Democratic donors, including George Soros. Musk claimed during the call, without providing evidence, that the protests were orchestrated by 'those who were receiving the wasteful and fraudulent dollars,' saying that violent attacks against Tesla are 'paid for.' 'I think the right thing to do is fight the waste and fraud and try to get the country back on the right track,' he said. 'If the ship of America goes down, Tesla will go with it.' Musk's role as a special government employee is set to conclude by late May, after which the billionaire is expected to return to his private ventures. DOGE, created under Trump's executive order, will remain active until at least 2026.
