(Substack)—Elon Musk wants to get into politics. He is forming “America Party” as a third-party alternative, likely landing ideologically between Republicans and Democrats. But even as buzz circulates about his attempted foray into governance, questions are swirling about his ability to continue successfully running his various companies.

One investment firm, Invest Azoria, is postponing their planned Tesla ETF launch while they await clarity from the Board of Directors. The insinuation here is that Invest Azoria CEO James Fishback will not move forward unless Musk either drops his political ambitions or leaves Tesla.

The first sentence in his letter to Tesla Chair of the Board Robyn Denholm says it all:

Elon has gone too far.

My investment firm (Invest 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.”

-James Fishback CEO Invest Azoria

Tesla is included in over 250 ETFs currently. The omission of one may not be enough to sway the Board to make a move and it almost certainly will not dissuade Musk from moving forward with his party, but it does exacerbate existing concerns about Musk. Few Tesla investors or fund managers doubt Musk’s skills, but his lack of attention over their investments is prompting questions privately and occasionally publicly.

Fishback is a supporter of President Donald Trump who launched his company as an alternative to DEI-driven investments. Last December, he wrote an op-ed for the NY Post:

In the race to attract the best employees, American companies have always played to win. Apple pays millions to poach star executives and Nvidia spares no expense to hire top AI researchers. Why? Because hiring the best and brightest on skill and ability is the secret sauce to American innovation.

Sadly, some companies have rejected the practice of hiring on skill and ability and are now hiring on the basis of race and gender.

My investment firm, Azoria, has identified three dozen S&P 500 companies with explicit racial and gender hiring targets.

Early next year, we’ll launch an ETF fund that invests in every S&P 500 company — except those that use these hiring targets.

The premise is straightforward: companies that hire on skill and ability will outperform those that hire on race and gender.

Will Musk be forced to make a choice between Tesla and America Party?