Bessent tells Musk to drop politics and focus on running business
Photo: Elon Musk (Getty Images)
US Treasury Secretary Scott Bessent believes billionaire Elon Musk, who recently announced the launch of the "America Party," should focus on running companies instead of entering politics. Bessent is an appointee of President Donald Trump, who ran under the Republican Party, informs Reuters.
On July 6, during a television appearance, Bessent suggested that Musk's announcement likely didn’t sit well with the boards of Tesla and SpaceX. The Minister added that the directors would probably prefer Musk to stay out of politics.
"I imagine that those boards of directors did not like this announcement yesterday (Saturday) and will be encouraging him to focus on his business activities, not his political activities," Bessent said.
Bessent also downplayed Musk's potential political influence. He argued that the billionaire enjoys support only from a small segment of Americans who liked the "Department of Government Efficiency" (DOGE) concept, rather than Musk himself.
"The principles of DOGE were very popular. I think if you looked at the polling, Elon was not," Bessent said.
Meanwhile, investment firm Azoria Partners announced it is postponing the launch of its Azoria Tesla Convexity ETF, which had been scheduled for next week. The move dealt a blow to Musk’s business plans.
Azoria CEO James Fishback posted several messages on social media criticizing Musk and voicing strong support for Trump. He went further, issuing a veiled call for Musk to be removed as CEO.
"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... Elon left us with no other choice," Fishback said.
Musk's challenge to the US two-party system
The United States has maintained a two-party system for over two centuries, with political power concentrated in the Democratic and Republican parties.
While there are more than 40 national political parties in the US, most are little-known. It is rare for independent or third-party candidates to win seats in the House of Representatives or the Senate due to the structure of the US electoral system.
There have been historical attempts to challenge the two-party dominance. In the early 20th century, the Progressive Party made a run at power but was ultimately absorbed and dismantled by the Republicans. Socialist movements tried as well but faded after 1920 due to internal splits.
Today, of the 38 recognized national political parties, only three are considered credible third-party contenders: the Libertarian Party, the Constitution Party, and the Green Party. Most others lack visibility outside a handful of states and have minimal influence on national politics.
Musk's party and clash with Trump
On July 5, Elon Musk announced the creation of his own political party, which he called the "America Party." He said the new force would oppose Donald Trump's Republican Party.
Musk's break with Trump — whom he had previously supported — was triggered by the passage of the so-called “Big Beautiful Bill.” The billionaire described the legislation as "debt slavery." Both chambers of Congress recently passed the bill under pressure from the White House. Trump signed it into law on July 4 during a public Independence Day ceremony.
