James Fishback, a former adviser to the Department of Government Efficiency ( DOGE), has written a scathing open letter to Tesla's board of directors, calling on them to immediately meet with Elon Musk and seek clarity over his political ambitions. The move comes days after Musk announced the formation of a new national political party — the America Party — which Fishback argues is incompatible with Musk’s duties as Tesla CEO.
Fishback’s concerns were outlined in a detailed letter addressed to Tesla board chair Robyn Denholm and publicly shared on social media. He also announced that his investment firm, Azoria Partners, has postponed the launch of its Azoria Tesla Convexity ETF in response to Musk’s political foray.
“Elon has gone too far,” Fishback wrote.
“Our decision comes in direct response to @ElonMusk’s announcement that he is launching a new national political party. This creates a conflict with his full-time responsibilities as CEO of Tesla. It diverts his focus and energy away from Tesla’s employees and shareholders.”
‘Not aligned with Tesla’s mission’
Fishback, whose firm had planned to list an exchange-traded fund (ETF) focused solely on Tesla shares and options next week, said the political move risks shareholder confidence. He referenced Musk’s earlier decision in May to step back from DOGE — a federal role he held under Donald Trump’s administration — and said investors had welcomed the renewed focus on Tesla.
“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.”
He added that, unlike Musk’s other ventures — such as SpaceX or xAI — which align with Tesla’s ambitions in AI and automation, a political party “not only fails to complement Tesla’s mission—it actively undermines it.”
In the letter, Fishback urged the Tesla board to evaluate whether Musk’s political activities are “compatible with his full-time obligations to Tesla as CEO.” He concluded by saying, “I remain hopeful that Elon will return his full attention to Tesla. If not, I trust the Board will take appropriate action.”
US Treasury Secretary adds to concerns
US Treasury Secretary Scott Bessent also weighed in on Musk’s announcement, suggesting the billionaire entrepreneur should focus on his business ventures. When asked by CNN if Musk's political entry was a concern for the Trump administration, Bessent said:
“I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone.”
“So I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,” Bessent added.
Musk’s declaration about the America Party came shortly after he ran a poll on X, where a majority of his followers supported the idea. His message accompanying the poll read: “Today the America Party is formed to give you back your freedom.”
The Tesla board has not yet issued a response to Fishback’s letter.
(With inputs from ToI)
Fishback’s concerns were outlined in a detailed letter addressed to Tesla board chair Robyn Denholm and publicly shared on social media. He also announced that his investment firm, Azoria Partners, has postponed the launch of its Azoria Tesla Convexity ETF in response to Musk’s political foray.
“Elon has gone too far,” Fishback wrote.
“Our decision comes in direct response to @ElonMusk’s announcement that he is launching a new national political party. This creates a conflict with his full-time responsibilities as CEO of Tesla. It diverts his focus and energy away from Tesla’s employees and shareholders.”
Elon has gone too far.
— James Fishback (@j_fishback) July 6, 2025
My investment firm (@InvestAzoria) has decided to postpone next week's public listing of our Azoria Tesla Convexity ETF.
Our decision comes in direct response to @ElonMusk’s announcement that he is launching a new national political party.
This creates… pic.twitter.com/d4pGCunY6l
‘Not aligned with Tesla’s mission’
Fishback, whose firm had planned to list an exchange-traded fund (ETF) focused solely on Tesla shares and options next week, said the political move risks shareholder confidence. He referenced Musk’s earlier decision in May to step back from DOGE — a federal role he held under Donald Trump’s administration — and said investors had welcomed the renewed focus on Tesla.
“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.”
He added that, unlike Musk’s other ventures — such as SpaceX or xAI — which align with Tesla’s ambitions in AI and automation, a political party “not only fails to complement Tesla’s mission—it actively undermines it.”
In the letter, Fishback urged the Tesla board to evaluate whether Musk’s political activities are “compatible with his full-time obligations to Tesla as CEO.” He concluded by saying, “I remain hopeful that Elon will return his full attention to Tesla. If not, I trust the Board will take appropriate action.”
US Treasury Secretary adds to concerns
US Treasury Secretary Scott Bessent also weighed in on Musk’s announcement, suggesting the billionaire entrepreneur should focus on his business ventures. When asked by CNN if Musk's political entry was a concern for the Trump administration, Bessent said:
“I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone.”
“So I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,” Bessent added.
Musk’s declaration about the America Party came shortly after he ran a poll on X, where a majority of his followers supported the idea. His message accompanying the poll read: “Today the America Party is formed to give you back your freedom.”
The Tesla board has not yet issued a response to Fishback’s letter.
(With inputs from ToI)
You may also like
Markram, Rabada, Nissanka feature in ICC Men's Player of June nominees
Actor in hospital dash 'nearly died' after suffering 'deformed' skull'
Who is Assam's Babydoll Archi? Why is her reel 'Dame Un Grrr' a rage on the Internet now?
McDonald's fans just learn about 'most unique' venue in 'Medieval castle'
Rod Stewart's quiet life in leafy town with £4.6m mansion and very famous neighbours
