US President Donald Trump expressed disappointment on Sunday (July 6) about former loyal supporter and tech billionaire Elon Musk’s decision to establish a new political party. He said Musk has “basically turned into a train wreck.”
On Saturday, Musk announced the formation of the new “America Party” due to his dissatisfaction with Trump signing the “Big and Beautiful Act,” claiming to “return freedom to the people.”
Musk claimed that the “Big and Beautiful Act” would lead to a surge in US debt, ultimately causing the country to collapse. According to his research, Americans would enthusiastically support this new political party.
Musk wrote on the X platform, “You wish for a new political party by a 2:1 margin, and your wish will be granted! When it comes to bankrupting our country with waste and corruption, we are living under a one-party system, not a true democracy. Today, the ‘America Party’ is established to return freedom to you.”
Trump evidently does not agree with Musk’s views. He posted on Truth Social on Sunday, stating that the US has long been a two-party system, and the establishment of a new party “will only bring complete chaos and disorder.”
Trump wrote on Truth Social, “Seeing Elon Musk go completely off the rails in the past five weeks has been a train wreck, and I am very saddened by it. He even wants to create a third political party, although in fact, such parties have never succeeded in the US.”
“The only thing that third parties excel at is causing complete and utter chaos and disorder, and we already have too much of that—coming from the radical left-wing Democratic Party, who have lost confidence and reason! The Republican Party, on the other hand, functions smoothly and has just passed the largest bill in our country’s history.”
Trump also mentioned that Musk’s dissatisfaction stems from the bill he signed into law, which repealed the green energy subsidies for Tesla electric vehicles. Trump had threatened to revoke the government contracts and subsidies worth billions of dollars that Tesla and SpaceX had received in response to Musk’s criticism.
“This is a great bill, but unfortunately, for Elon, it repealed the absurd electric vehicle mandate, which would have forced everyone to buy electric cars in a short period of time. I have been firmly against this policy from the start.”
After Musk announced the formation of the new party, he was immediately criticized by the investment firm Azoria Partners.
The firm stated on Saturday that it would delay the listing of the Tesla ETF because Musk establishing a new party conflicted with his full-time responsibilities as the CEO of Tesla.
Azoria CEO James Fishback criticized the new political party on the X platform and reiterated his support for Trump.
Fishback said, “I encourage the board to convene immediately to demand clarification of Elon’s political aspirations and evaluate whether it aligns with his full-time responsibilities as Tesla CEO.”
Some Republicans are concerned that Musk’s actions could divide the Republican Party, leading to a lack of unity and affecting the outcome of next year’s midterm elections, making it harder for Republicans to retain their slim majority in the House of Representatives.
A Republican consultant, in an interview with The Hill, said, “One of the most destructive behaviors in our past Senate campaign cycles, where we lost the majority, was the significant resources we spent on internal conflicts within the party.”