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Azoria—a prominent investment firm with deep ties to tech and AI innovation—has yanked its support from Tesla ahead of a planned ETF launch, citing CEO Elon Musk’s surprise announcement that he is launching a new national political party, “The America Party.”
The Azoria Tesla Convexity ETF, which was set to go public next week, would have offered investors a strategic vehicle for exposure to Tesla’s high-growth potential.
But that plan is now shelved indefinitely. According to Azoria CEO James T. Fishback, the abrupt decision was made in “direct response” to Musk’s political pivot, which Fishback says undermines confidence in Musk’s leadership at Tesla.
Fishback wrote on X:
Elon has gone too far. My investment firm Azoria has decided to postpone next week’s public listing of our Azoria Tesla Convexity ETF. Our decision comes in direct response to Elon 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 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 released a formal letter addressed to Robyn Denholm, Chair of Tesla’s Board of Directors, calling on the board to immediately evaluate Musk’s political ambitions and whether they are compatible with his duties as Tesla’s CEO.
The letter, dated July 5, bluntly states that a ‘political party not only fails to complement Tesla’s mission—it actively undermines it.’
The letter reads:
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.
ria 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.
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
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