On July 5th, Elon Musk announced the establishment of a new political party in the United States, “The American Party.” However, nearly a month after making this announcement, Musk has yet to register the party.
According to an article by Axios News on July 30th, nearly a month after Musk promised to establish a party, he has not submitted any formal documents.
Tesla investor James Pashbach believes that Musk’s announcement of the formation of “The American Party” was a way to vent his emotions after parting ways with Trump. However, so far, he has neither submitted registration documents nor launched candidates, indicating “no substantial progress at all.”
The Independent reported on July 30th that Musk has not registered “The American Party,” which contradicts his usual swift and decisive style. During his tenure in the federal government, Musk quickly established the “Government Efficiency Department” to push for sweeping reforms across federal agencies and departments. One major criticism of his work from the Democratic Party is the haste of his decisions. To date, the only officially formed political group under Musk’s leadership is “The American Political Action Committee.” This committee, funded by Musk, aims to support Trump’s campaign activities.
At the end of May, Musk resigned as head of the “Government Efficiency Department” due to his public split with Trump over the “Bigger, Better, Faster” tax and spending bill. The latest assessment released by the Congressional Budget Office shows that the “Bigger, Better, Faster” bill is expected to increase the U.S. fiscal deficit by approximately $3.4 trillion over the next decade, resulting in about 10 million Americans losing their health insurance.
On July 4th, Trump signed the “Bigger, Better, Faster” bill, and Musk announced the formation of “The American Party” the following day, targeting the midterm elections next year to secure a seat in both houses of Congress.
Under U.S. law, establishing a political party eligible to participate in elections requires a complex certification process, including holding a party convention or congressional meeting, electing temporary officials, and naming the party.
Tesla’s financial report released on July 23rd showed that Tesla’s performance in the second quarter was poor, with revenue and net profit both down year-over-year. On July 24th, Trump denied rumors that he would “destroy” Musk’s businesses on social media platform “Reality Social,” stating his hope for Musk’s business to “become even more successful.”