Following a heated dispute with U.S. President Donald Trump, Elon Musk has hinted at forming a new political party in the United States. Musk sought public opinion through a poll on social media platform X, asking whether he should start a new political party. A resounding 80.4% of respondents supported the idea.
After the poll ended, Musk posted the phrase “The American Party,” strongly suggesting this could be the name of his potential political party. However, he has not yet made any formal announcement.
Meanwhile, a Russian lawmaker, Dmitry Novikov, offered Musk political asylum in Russia if needed. This comes after Trump’s former advisor Steve Bannon labeled Musk an “illegal immigrant” and called for his deportation. Bannon also urged the U.S. government to take control of Musk’s company, SpaceX.
Tensions between Musk and Trump escalated significantly after a fierce argument Thursday night, turning their relationship from friendly to openly hostile. The disagreement became so intense that Musk said Trump should be removed from office. He claimed Trump could not win the election without his support and suggested that Vice President J.D. Vance should replace Trump as president.
Angered by Musk’s remarks, Trump called Musk “insane” and threatened to revoke government contracts and subsidies granted to Musk’s companies. Trump recently pushed legislation to reduce subsidies for electric vehicles and renewable energy — measures that benefit the oil and gas industry instead.
Initially silent, Musk began expressing his outrage after the Trump administration hailed the subsidy cuts as a historic move. Tensions rose further when the Trump administration blocked the nomination of Musk’s preferred candidate, Jared Isaacman, as NASA administrator.
On May 22, OpenAI secured a major deal to build a large AI data center in the UAE — a deal Musk’s xAI company had also pursued but failed to win. The fallout culminated in Musk resigning from his government advisory role on May 28, just two days before the end of his term.
At the beginning of Trump’s term, Musk’s Tesla received significant EV subsidies, and SpaceX landed multi-billion-dollar contracts from NASA and the U.S. Department of Defense. However, after the June 5 dispute, Tesla’s shares fell by 14%, causing Musk’s personal net worth to drop by $34 billion — the largest one-day loss of 2025 so far.
According to Bloomberg, Musk’s net worth has declined by $64.1 billion in the first five months of 2025. This is not only due to threats of subsidy cuts but also because investors fear the Musk–Trump conflict could negatively impact companies like SpaceX and Neuralink.
Still, Musk’s wealth has seen major growth since the U.S. election. On November 5, 2024, his net worth was $264 billion, which surged to $334 billion by June 5, 2025. According to The Washington Post, Musk’s net worth increased by $170 billion in just 45 days following the 2024 election. Notably, Musk spent $277 million on Trump’s election campaign.
