Elon Musk’s America Party has not yet launched even though it’s been almost a month since he announced his intentions to start the third party in the wake of the passage of President Donald Trump’s big beautiful bill.
Tesla investor James Fishback said that Musk was blowing off steam about the bill, which he opposed because it added trillions to the national debt and got rid of EV subsidies.
“It has been 17 days since he said he was going to start the America Party. There’s no filing, no candidate. There’s nothing of substance,” he said.
Wedbush Securities analyst Dan Ives noted that Musk has “read the room” on the topic, saying that Tesla’s shareholders “don’t want him in politics.”
“Dark time”
“The Trump-experiment-gone-bad with Musk was a significant dark time for Tesla shareholders,” he added.
Even after Musk turned his attention back to the electric car business, Tesla’s stock fell 8% on news that the company might have “a few rough quarters” as it focuses more on self-driving taxis and other vehicles than on selling cars.
Tesla has struggled to manufacture enough cars to meet demand for years. Another factor in the dynamic is that Musk’s association with Trump in recent months has led to some on the other side turning away from Tesla.
While Musk initially blasted Trump over the bill, Trump has not responded in kind.
After some time has passed, Musk’s anger toward Trump seems to have cooled.
“I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!” Trump posted on his Truth Social page.
Exerting pressure
Ives said he thinks Musk will still contribute financially to political candidates he favors; the America PAC he used to funnel $250 million previously is still open.
Musk’s other main company, SpaceX, reportedly told investors that Musk might spend significant time on politics in the future, including in a role similar to the one he had with DOGE until May.
America PAC could exert significant pressure to shape Republican politics in ways Musk favors without much time investment by Musk, Jason Calacanis said on a recent episode of the “All-In” podcast.
“Then he should go and back the people who are running to be in Congress and senators, and just say, Hey, here is what I would like you to be in favor of, and do what [Grover] Norquist did with his no new taxes pledge,” he said. “It won’t be a major draw on Musk’s attention or efforts in the way running a third party would be.”
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Author: Jen Krausz
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