President Trump enacted the One Big Beautiful Bill Act, unpopular for slashing social services for over 10 million Americans while providing significant tax cuts to wealthier individuals. Elon Musk publicly opposed the bill due to concerns about its impact on the U.S. deficit. In response, he announced the formation of a new political party named the America Party. The exact policies of the party are unclear, but fiscal conservatism is anticipated to be a key focus. Following this announcement, Tesla's stock price fell in premarket trading, reflecting investor apprehension.
President Trump signed his One Big Beautiful Bill Act into law, a legislation unpopular with Americans as it cuts social services for 10 million people while benefiting the wealthy with tax breaks.
Musk's objection to the bill centers on its contribution to raising the U.S. deficit by trillions, which he opposes fundamentally, leading him to announce the formation of a new political party.
Musk announced the creation of the America Party, aimed at promoting fiscal conservatism, as a response to the One Big Beautiful Bill Act, lacking a full outline of its policy objectives.
Tesla stock declined in premarket trading following Musk's political maneuvering and criticisms of the bipartisan support for the bill, reflecting potential market unease with the developments.
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