In a significant turn of events, Elon Musk has officially launched his new political party, dubbed the 'America Party,' a move that has ignited a wave of reactions across the political spectrum. Although neither President Donald Trump nor Vice President JD Vance have made public statements regarding Musk's venture, Treasury Secretary Scott Bessent has expressed skepticism about the billionaire's popularity, implying that the principles behind the popular cryptocurrency Dogecoin, rather than Musk himself, hold true appeal.

Speaking on CNN's State of the Union, Bessent remarked, “Elon Musk was not actually popular. The principles of DOGE were popular.” He further suggested that the boards of directors at Musk's various companies may not view his political ambitions favorably, stating, “I imagine that 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.”

Adding to the controversy, James Fishback, a former adviser for Dogecoin, informed the Tesla Board that his investment firm has decided to delay the public listing of the Azoria Tesla Convexity ETF following Musk’s announcement. Fishback articulated concerns, stating, “In May, when Elon stepped back from his work at DOGE and returned his attention to Tesla, we were encouraged. With Elon fully engaged, he gave shareholders renewed confidence in Tesla’s future. Elon’s announcement today undermines that confidence.”

In a Twitter post, Musk defended his new political party, saying, “By a factor of 2 to 1, you want a new political party and you shall have it! Today, the America Party is formed to give you back your freedom.” The legal paperwork to establish the party was filed on Sunday morning, with Tesla's CFO, Vaibhav Taneja, identified as the party's treasurer.

The introduction of the America Party has been met with backlash from some MAGA influencers, who have labeled Musk as a traitor, akin to Vivek Ramaswamy, accusing him of failing to prioritize American interests. Graham Allen, the founder of conservative media outlet Dear America, tweeted, “Elon launching the ‘America Party; Will make it easier for Dems to win in the future! @elonmusk this is a mistake… please listen to reason!”

Commentator Ben Hart echoed similar sentiments, criticizing Musk's understanding of the political landscape. “Elon has decided to destroy America because he doesn’t understand how our political system works. I agree with Elon that the BBB spends too much. But we need 60 votes in the Senate and more than a 7-seat margin in the House to do what he wants to do,” he noted.

Amidst the backlash, speculation has emerged regarding potential candidates who could join Musk in his new political endeavor, with former Vice President Mike Pence's name being floated as a possible leader for the party. Interestingly, unusual allies have also shown interest, including former Trump aide Anthony Scaramucci and billionaire investor Mark Cuban, both of whom have publicly endorsed Kamala Harris in the upcoming 2024 election. Additionally, former Democratic presidential candidate Andrew Yang and Justin Amash, a former Republican representative from Michigan, have expressed enthusiasm about the America Party.