Elon Musk cornered: Tesla ETF postponed

"Today, the Party of America was founded to give you back your freedom," Musk said in a statement a day after polling his followers on the X social media platform, which he owns.

Azoria is set to launch a Tesla ETF next week that will invest in shares and options of the electric vehicle company.

However, following Musk's statement, Azoria CEO James Fishback made numerous critical comments on his X account towards the new party and reiterated his support for US President Donald Trump.

This culminated in a post by Fishback announcing the ETF was delayed.

“I encourage the Board to immediately meet and ask Elon to clarify his political goals and evaluate whether they are consistent with his full-time obligations to Tesla as CEO,” Fishback said.

Fishback said Musk undermined shareholders' confidence in Tesla's future after he announced in May that he would step down from his role at the Ministry of Government Efficiency.

Tesla has not yet responded to Reuters' request for comment.

Musk's announcement came after Trump signed what he called a "big, beautiful" tax cut and spending bill on Friday, which Musk strongly opposes.

The company also offers the Azoria 500 Meritocracy ETF, which invests only in the 500 largest U.S. companies that do not set hiring targets as part of their diversity, equity and inclusion programs, according to Azoria's website.