'What's Truth Social?' Musk after Trump calls his party 'ridiculous'
What's the story
The feud between Elon Musk and United States President Donald Trump has intensified over the Tesla CEO's new party, the America Party. After Trump slammed Musk for his plans to launch a "third political party," calling them "ridiculous," Musk responded on X, saying he had never heard of Truth Social, Trump's social media platform. "What's Truth Social?" Musk wrote in response to a user who shared Trump's post criticizing him. In another post, he added, "Never heard of it."
Political ambitions
Musk's plans for America party
Musk announced the formation of the America Party on Saturday, aiming to challenge the "Republican/Democrat uniparty" in future elections, in response to the passage of Trump's "big beautiful bill." He has been critical of Trump's tax cut and spending bill, calling it a potential bankruptcy for the country. The America Party, however, is yet to be registered with the Federal Election Commission.
Economic concerns
Musk slams Trump's spending bill
Musk has also slammed Trump's spending bill for adding to the federal budget deficit. He asked, "What the heck was the point of DOGE if he's just going to increase the debt by $5 trillion??" According to Reuters, the bill's critics have said that it would damage the US economy by significantly adding to the federal budget deficit.
Financial impact
Musk was once a major donor to Trump's campaign
Musk was once a major donor to Trump's 2024 re-election campaign, contributing $288 million, according to The Washington Post. Meanwhile, Musk's announcement of the America Party has delayed the launch of Azoria Partners's Azoria Tesla Convexity exchange-traded fund (ETF). The delay is due to concerns over a potential conflict with Musk's responsibilities as CEO, Azoria Partners said. Azoria had planned to launch the Tesla ETF this week.