Musk, Bessent in the News
Author: Greg Valliere
July 1, 2025
AMID THE FURIOUS FIGHTING over amendments to the Big Beautiful Bill, eyebrows were raised over comments yesterday by Elon Musk and Scott Bessent about their future plans.
IN HIS TYPICAL BOMBASTIC style, Musk called the mammoth bill “insane,” and he vowed to fund a third party if the measure passes. (It probably will pass in the Senate in the next day or two, but Republicans still don’t have the votes in the House.)
ASSUMING IT WINS ENACTMENT, perhaps later this summer, Musk vowed to get out his checkbook and fund a third party. He’s worth anywhere between $350 billion and $400 billion. Musk surely would love to run for president, but he wasn’t born in the U.S., as the Constitution requires. He was born in Pretoria, South Africa.
MUSK WASN’T THE ONLY BILLIONARE in the news yesterday. Asked if he would consider leaving Treasury to become Fed Chairman, Bessent said “I’ll do whatever the president wants”, a pretty clear signal that he would take the job.
TRUMP HAS RESUMED HIS VERBAL ASSAULT on Fed Chairman Jerome Powell; Trump called him a “bad person” yesterday amid growing concerns that the economy is softening and might need some monetary medicine.
THE DEMOCRATS, MEANWHILE, seemed to be emerging from their slumber, as polls showed overwhelming opposition to the huge bill. The public is nervous about Medicare “cuts” even though the bill would just slow its rate of growth.
BOTTOM LINE: The real fight comes in a few days, when the House takes up the Senate-passed bill. A handful of spending hawks, aghast at the surging deficit, wants deep spending cuts, while a handful of moderates are opposed a wide range of cuts, including funding to combat climate change.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2025 AGF Management Limited. All rights reserved.
