Volatility With Tesla After Elon Musk Announced New Party

According to Reuters, Azoria Partners has just announced it will postpone the listing of the (ETF) Azoria Tesla Convexity fund, after Tesla CEO Elon Musk declared the establishment of a new political party called "America Party" (American party). Musk made this statement just one day after polling his followers on the social media platform X. "Today, the America party is officially formed to reclaim freedom for you," he wrote. According to the plan, Azoria will launch the Tesla ETF - investing in the stocks and options of this electric vehicle company - next week. However, following Musk's announcement, CEO of Azoria James Fishback posted several comments criticizing the new party on the X platform and reiterated his support for President America Donald Trump. The situation became even more serious when Fishback announced the postponement of the Tesla ETF. "I call for an immediate meeting of the Board of Directors and request Elon to clarify his political ambitions, while also assessing whether those ambitions align with his role as CEO of Tesla," said CEO Azoria, emphasizing that the announcement of the new party has diminished shareholders' confidence in Tesla's future. The move by Tesla's CEO came after U.S. President Donald Trump signed into law a comprehensive tax cut and spending bill that he called "A Great and Beautiful Bill" on July 4 ( local time ). Elon Musk strongly opposed this legislation. The conflict between Musk and the White House has caused Tesla's stock price to decline sharply in recent times. The market value had soared after Trump was re-elected in November 2024. However, by the end of this week, Tesla's stock has lost more than half its value compared to its peak in April, closing at 315.35 USD, down nearly 17% since the beginning of the year. Tesla's market capitalization has therefore shrunk below the 1 trillion USD mark.