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Treasury Secretary Scott Bessent didn’t mince words when asked about the development during a CNN interview with Dana Bash. While the media tried to downplay the significance of Musk’s new venture, Bessent offered a cold dose of political reality.
WATCH:
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.”
Translation? The message was clear: Stick to rockets and cars. According to Bessent, not only is Musk unqualified to navigate the complex world of politics, but those closest to him in the business world are already fed up with his distractions. This wasn’t just a critique—it was a full-blown dismissal of Musk’s political ambitions.
Bessent’s comments came with serious implications. While Musk’s supporters might be energized, Wall Street is already reacting—and not in his favor. Azoria, a well-known investment firm, has reportedly scrapped its highly anticipated Tesla Convexity ETF following Musk’s announcement. The fund was expected to give investors enhanced access to Tesla’s growth, but now it’s on indefinite hold.
The timing couldn’t be worse. Just as Musk tries to make a dent in Washington, he’s already paying a price in the markets. Azoria’s reversal suggests that major financial players aren’t buying into Musk’s political aspirations—and they’re willing to hit pause on major initiatives because of it.
The fallout from Musk’s political gambit is just beginning. If the past is any indicator, the establishment—both in Washington and on Wall Street—won’t go quietly. Musk may be a giant in the business world, but in politics, he’s a rookie with a target on his back.
As the 2024 election heats up, one thing’s for sure: Elon Musk just made himself a wild card—and possibly a spoiler. Whether that’s a good thing or a disaster for the conservative movement remains to be seen.
