Tesla CEO Elon Musk and U.S. President Donald Trump were in the Oval Office of the White House on May 30, 2025.
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U.S. President Donald Trump lashed out at Elon Musk after forming a new party, calling the move “absurd” and saying the billionaire “completely off track.”
“It’s hard for me to see Elon Musk completely off track and essentially become a train wreck for the past five weeks,” Trump said in a U.S. truth social post later Sunday. “One of the things that third parties are good for creating complete and total destruction and chaos.”
Musk is Post on Saturday X He established the “American Party” that competes with the Republican and the Democratic Party. The billionaire laughed at the idea of a new party, with Trump’s tax and spending plans, who said would go bankrupt.
“In a 2-to-1 ratio, you want a new party and you will have it!” Musk wrote: “Now, the American Party is formed to give you freedom.”
Differences over the spending bill have led to a huge situation between Trump and Musk, which has cost Musk millions of dollars to sponsor Trump’s re-election, while the president appointed Musk to lead the administration’s Ministry of Efficiency, known as Doge, with the mission to identify areas of federal competition.
“I think it’s ridiculous to build a third party. We’ve had a huge success with the Republican side. The Democrats have lost their way, but it’s always a two-party system and I think starting with third parties just intensified the confusion,” Trump, Say SundayReuters reported that Musk announced the news the day after he announced the news.
Trump also targeted the push for Musk’s push for “Electric Vehicle Authorization” in Sunday’s post, saying it would “force everyone to buy electric cars in a short time.”
The president’s tax and spending cut bill was signed into law on July 4, ending tax credits for electric vehicle buyers.
Trump said in a post he warned Musk during the presidential campaign that he planned to end EV Tax Credit If he wins his second term.
“When Elon gave me all and unquestionable recognition, I asked him if he knew I was going to terminate the EV mission – it was in every speech I gave and every conversation I had. He said he had no problem with that.”
Musk’s announcement has attracted criticism from Trump allies, such as James Fishback, CEO of investment firm Invest Azoria.
Fishback said he delayed its first public list of Azoria Tesla convexity ETF, “responds directly to Musk’s new party and urged Tesla’s board to curb him.
“This has caused conflict with his full-time responsibilities as Tesla CEO. It has shifted his attention and energy from Tesla’s employees and shareholders,” Fishback said in a post on X.
