US Treasury Chief Warns Elon Musk to Stay Out of Politics After Launching 'America Party'
Elon Musk has launched the 'America Party' after rejecting Donald Trump's tax bill, causing tensions with the White House. The party aims to reduce the federal deficit, expand AI-enabled defense systems, promote deregulation, and offer tax incentives.
In a dramatic escalation of tensions between two prominent figures in American business and politics, Elon Musk has officially announced the formation of a new political organisation called the 'America Party.' The announcement came following disagreements over the tax-and-spending bill. Musk, once a supporter of Trump, now aims to challenge Republican incumbents in the upcoming elections.
Musk shared the news through his social media platform, citing public support for an alternative to the two-party system. The implications of Musk's move are felt across Wall Street, Washington, and Silicon Valley.
His shift marks a change from his alignment with Trump, stemming from disagreements over the tax bill. Trump accused Musk of self-interest and threatened federal contracts. Trump dismissed the new party as a distraction, while the White House defended the tax bill's economic impact.
US Treasury Secretary urged Musk to focus on his business. The fallout led to delays in investment plans linked to Tesla and a drop in Tesla's stock price. Musk's America Party aims to reshape legislative priorities by winning key congressional seats.
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