Elon Musk announces America Party'
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2don MSN
Tesla CEO Elon Musk rebuffed analyst Dan Ives' suggestion that Tesla's board establish guardrails for his political activism after he vowed to launch an America Party.
Tesla stock is sliding on Monday after CEO Elon Musk's latest foray into politics, and Wall Street is growing concerned over the loss of EV tax and regulatory credits stemming from Trump's "One Big Beautiful Bill.
Musk, who earlier advocated for cryptocurrencies, has confirmed that the political party would embrace Bitcoin as "fiat is hopeless," as he claimed. Notably, Tesla holds 11,509 BTC worth more than $1.25 billion on its balance sheet, making it the eighth-largest public Bitcoin corporate treasury.
Elon Musk's announcement of a new political party has led to the postponement of a Tesla Inc. (NASDAQ: TSLA) exchange-traded fund (ETF) launch by investment firm Azoria Partners.