Musk made the announcement a day after polling his followers on the X social media platform he owns, declaring, “Today the America Party is formed to give you back your freedom.”

Azoria was set to launch the Tesla ETF, which would invest in the electric vehicle company’s shares and options, next week.

However, following Musk’s announcement, Azoria CEO James Fishback posted on X several critical comments of the new party and repeated his support for US President Donald Trump.
That culminated in a post where Fishback announced the postponement of the ETF.

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

The announcement undermines the confidence shareholders had in Tesla’s future after Musk said in May he was stepping back from his role leading the department of government efficiency, Fishback said.

Tesla did not immediately respond to a Reuters’ request for comment.

The announcement from Musk comes after Trump signed his self-styled “big, beautiful” tax-cut and spending bill into law on Friday, which Musk fiercely opposed.

Azoria is also offering the Azoria 500 Meritocracy ETF that only invests in the top 500 US companies that do not impose hiring targets under diversity, equity and inclusion programmes, according to its website.