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A major investment firm has just cut off its support from Tesla in response to Elon Musk’s launch of a new political party.
The firm, Azoria which focuses on the tech and AI sector, was set to launch a Tesla Convexity ETF next week.
However, CEO James Fishback just announced that he is indefinitely postponing that plan, citing that his confidence in Elon Musk’s leadership of Tesla has dropped.
Fishback explained his decision in a lengthy post on X:
Elon has gone too far.
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
— James Fishback (@j_fishback) July 6, 2025
The full post reads:
Elon has gone too far.
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 a conflict with his full-time responsibilities as CEO of Tesla. It diverts his focus and energy away from Tesla’s employees and shareholders.
Azoria believes that Tesla is the most compelling long-term investment in AI. With breakthroughs in robotaxis, Optimus, and full self-driving, no other company is positioned to lead the future like 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.
Unlike his work with SpaceX or xAI, which complement Tesla’s R&D efforts in AI, automation, and engineering, a political party not only fails to complement Tesla’s mission—it actively undermines it.
I just sent the attached letter to Robyn Denholm, Chair of Tesla’s Board of Directors.
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.
I remain hopeful that Elon will return his full attention to Tesla. If not, I trust the Board will take appropriate action.
Fishback also sent a letter to the Chair of Tesla’s Board of Directors, Robyn Denholm.
In the letter, he called for the board to examine Elon Musk’s political ambitions and determine whether they get in the way with his responsibilities running Tesla.
That letter reads in full:
I’m writing to inform you that Azoria is postponing next week’s public listing of the Azoria Tesla Convexity ETF. Our decision comes in direct response to Mr. Musk’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.
Azoria believes that Tesla remains the most compelling long-term investment in AI. With breakthroughs obotaxis, Optimus, and full self-driving, no other company is positioned to lead the future like Tesla.
In May, when Mr. Musk stepped back from his work at DOGE and returned his attention to Tesla, we were encouraged. With him fully engaged, he gave shareholders renewed confidence in Tesla’s future.
Mr. Musk’s announcement today, however, undermines that confidence. Unlike his work with SpaceX or XAI, which complement Tesla’s R&D efforts in Al, automation, and engineering, a political party not only fails to complement Tesla’s mission- it actively undermines it.
I encourage the Board to meet immediately and ask Mr. Musk to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO. I remain hopeful that Mr. Musk will return his full attention to Tesla. If not, I trust the Board will take appropriate action.
Very notably, James Fishback is the same guy who first suggested the idea of giving DOGE stimulus checks to the American people.
For reference, here’s that original post:
Will check with the President
— Elon Musk (@elonmusk) February 18, 2025
Up until recently, he appeared to be on very good terms with Elon Musk.
In response to Elon Musk announcing his new political party, Fishback said that he was disappointed and declared himself as a FSG (Full Support for Donald) Republican:
I’m disappointed.
I respected Elon. I advised DOGE. My firm’s largest position is in Tesla.
But what Elon’s doing by starting the “America Party” risks handing the keys of power to AOC, Hakeem Jeffries, and Jasmine Crashout Crockett. That’s a disaster for our country—they’ll… https://t.co/iy44Phpag5
— James Fishback (@j_fishback) July 5, 2025
Full text:
I’m disappointed.
I respected Elon. I advised DOGE. My firm’s largest position is in Tesla.
But what Elon’s doing by starting the “America Party” risks handing the keys of power to AOC, Hakeem Jeffries, and Jasmine Crashout Crockett. That’s a disaster for our country—they’ll impeach Trump, defund ICE, and gut the Trump tax cuts.
It’s also a disaster for Elon’s own companies. Tesla and SpaceX won’t be spared from the full wrath of government weaponization if this new “party” helps put the Democrats back in charge.
Elon is free to do what he wants. But Americans are also free to say: back off—we stand with Trump.
I’m not selling my Tesla stock or my Tesla car. I love Full Self Driving (FSD).
But there’s another FSD I care about even more: Full Support for Donald. I’m an FSD Republican. It’s time to fight and never apologize for it.
This is a Guest Post from our friends over at WLTReport.