Treasury Secretary Scott Bessent recently shared some sobering news with Elon Musk, following the billionaire’s announcement of a new political venture.
On the Fourth of July, a somewhat disgruntled Musk reiterated his commitment to establishing a political party he has dubbed the “America Party.” In a post on X, he articulated his desire to disrupt the entrenched two-party system, aiming to represent the “80% in the middle” who feel sidelined by both Democrats and Republicans.
Musk elaborated that his strategy might include focusing on “just 2 or 3 Senate seats and 8 to 10 House districts.” Given that third-party candidates have historically siphoned votes from the GOP—costing the party crucial Senate seats in states like Wisconsin and Michigan last fall—and considering Musk’s base skews rightward, this could be seen as an act of political sabotage.
Despite the controversial nature of his plans, Musk formally launched the “America Party” on Saturday afternoon, raising eyebrows and accusations of betrayal.
Bessent, during an interview with CNN’s Dana Bash, was asked about Musk’s political maneuvers and delivered a reality check that was unlikely to please the Tesla and X owner.
Holy SMOKES: Scott Bessent with a message for Elon Musk…
“The principles of DOGE were very popular. If you looked at the polling, Elon was NOT.”
“Those Board of Directors did not like this announcement [of a new party] yesterday.”pic.twitter.com/riAVdIdyMO
— Eric Daugherty (@EricLDaugh) July 6, 2025
BASH: He (Musk) announced this weekend that he is starting a new political party. Does this worry the Trump Administration?
BESSENT: Look, the principles of DOGE were popular. If you looked at the polling, Elon was not. The Boards of Directors at his various companies wanted him to come back and run his companies, which he is better at than anyone.
So, I imagine those Board of Directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities.
In essence, Bessent is suggesting that Musk’s political ambitions may be fueled more by ego than by expertise, a notion sure to irritate the tech mogul.
This critique gains further weight when considering Musk’s recent setbacks. Azoria, a major investment firm, has withdrawn its support for the upcoming Tesla Convexity ETF, citing Musk’s political announcement as a catalyst. This ETF was poised to provide investors with a strategic avenue for tapping into Tesla’s growth potential—an opportunity that now seems lost.
BREAKING: Major investment firm WITHDRAWS support from Tesla and POSTPONES Tesla Convexity ETF, citing Elon Musk’s launch of the America Party.
“This undermines shareholder confidence. If Elon won’t focus, the Board must act.” https://t.co/zhcBpRzWrp pic.twitter.com/ugj7RPACPU
— Le Bark News (@LeBarkNews) July 6, 2025
