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Musk should stay out of politics, US Treasury Secretary Bessent says

  • On Saturday, Elon Musk announced the creation of a new U.S. political party called America, citing opposition to President Trump's tax-cut and spending legislation.
  • Musk's move followed his vocal criticism of the tax-cut and spending bill Trump signed into law last week, which some critics say will harm the economy.
  • Treasury Secretary Scott Bessent spoke on Sunday urging Musk to focus on his companies Tesla and SpaceX, as the boards of directors likely disapprove of his political ambitions.
  • Bessent observed that although the concepts behind Musk's Department of Government Efficiency remain well-received, Musk himself does not enjoy strong support from voters, and his America Party is unlikely to gain significant influence.
  • Azoria Partners quickly delayed the debut of its Tesla-focused exchange-traded fund from Azoria, reflecting investor disapproval of Musk’s political endeavors and raising doubts about his dedication as CEO.
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U.S. Treasury Secretary Scott Bessent publicly expressed disagreement with Elon Musk’s political incursion and suggested that the entrepreneur should focus on his responsibilities as a leader of companies such as Tesla and SpaceX. “I imagine those boards did not like this announcement and will encourage him to focus on his business activities, not on his political activities,” Bessent said this Sunday during an interview. read more]]>

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Musk, now a Trump critic, said he founded "America Party" to challenge what he called the country's "one-party system."

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Channel News Asia broke the news in Singapore on Sunday, July 6, 2025.
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