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News Topical, Digital Desk : Former US President Donald Trump has described Elon Musk's decision to form a new political party as a joke and creating serious confusion. He said that the two-party system works best in America and there is no need for a third party.
Musk recently announced the formation of the 'America Party' due to his displeasure with Trump. He criticized Trump's budget and tax cut bill, calling it dangerous for the country and said that his party would challenge Republican lawmakers in the 2026 midterm elections.
Trump's sharp response
Speaking to reporters aboard Air Force One, Trump called Musk's plan a doomed attempt. "We've always had a two-party system in our country. The third party has never succeeded. Musk can have fun with this decision, but it's a foolish idea," he said.
Musk's move is in opposition to Trump's bill, which cuts taxes and increases defense spending. The bitterness between the two grew over this bill.
Tesla ETF launch postponed
The impact of this political move by Musk is also visible on his companies. Investment firm Azoria Partners has postponed its plan to launch an ETF linked to Musk's company Tesla for the time being. The firm says that Musk's growing interest in politics is clashing with his responsibilities as CEO.
Azoria CEO James Fischbach said, “We need clarity from Elon regarding his political plans. This decision may impact his duties as Tesla CEO.”
Democrats took political advantage
The Democratic Party has seen this confrontation between Trump and Musk as an opportunity for itself. Democratic National Committee spokesman Abhi Rahman said, "Trump's MAGA party is falling apart after his budget bill. Republicans are now trying to blame someone else for their mistakes."
Under the bill, green energy tax credits have been abolished, which could cause a big loss to Tesla. Apart from this, Trump has also warned that the government can also reconsider the subsidies and contracts being given to Tesla and SpaceX.
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