Treasury Secretary Scott Bessent recently responded to Elon Musk’s announcement that he is starting a new political party. His comments, made during an interview with CNN, came as Musk’s latest political move is stirring up strong reactions across the political and financial world.
The story began on Independence Day, when Elon Musk took to his social media platform, X, to announce his plan to launch a new political party called the “America Party.” According to reporting by Cassandra MacDonald from The Gateway Pundit, Musk said this party would be for the “80% in the middle” — people who feel left out or ignored by both the Democratic and Republican parties.
In one of his posts, Musk explained how he plans to get started. He wrote, “One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts.” This strategy suggests he wants to focus on a few key races to start making an impact.
However, some political experts believe this move could unintentionally hurt Republicans. In the last election, third-party candidates were blamed for costing the GOP two important Senate seats — one in Wisconsin and another in Michigan. Since many of Musk’s fans tend to lean conservative, his new party could pull votes away from Republican candidates. Some critics see this as an act of sabotage, whether it’s intentional or not.
Despite the controversy, Musk officially launched the “America Party” on Saturday afternoon. Critics, including some conservatives, called this move a “disgraceful betrayal,” saying it could weaken their chances in upcoming elections.
Later that weekend, CNN’s Dana Bash asked Treasury Secretary Scott Bessent about Musk’s decision. His response was calm but clear.
BASH: He (Musk) announced this weekend that he is starting a new political party. Does this worry the Trump Administration?
BESSENT: Look, the principles of DOGE were popular. If you looked at the polling, Elon was not. The Boards of Directors at his various companies wanted him to come back and run his companies, which he is better at than anyone.
So, I imagine those Board of Directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities.
Bessent did not attack Musk directly, but his message suggested that Musk may be stepping too far out of his area of expertise. He seemed to be saying that company leadership would prefer Musk to stick with business, where he has had proven success, instead of entering the unpredictable world of politics.
This isn’t the only sign that Musk’s political move could have serious consequences. Shortly after his announcement, an investment firm called Azoria made a surprising decision. Azoria had planned to launch the Tesla Convexity ETF — an exchange-traded fund that would give investors a new way to invest in Tesla — as soon as next week. But now, the firm has pulled its support indefinitely.
The Tesla Convexity ETF was designed to give investors exposure to Tesla’s fast-growing business. It was expected to attract major attention from the market. With the launch now on hold, it’s being seen as a missed opportunity, possibly caused by Musk’s sudden dive into politics.
At this point, it’s not clear what the future holds for the “America Party,” or how much real political influence Musk can build. But what is clear is that his decision is already creating waves — not just in politics, but also in business and finance.
Whether Elon Musk’s new party will attract strong support or create more division remains to be seen. But his announcement has already triggered a strong response, including from high-level officials like Scott Bessent, and it’s likely the debate around this move is only just beginning.
