Tesla shares fell steeply Monday after the company’s CEO Elon Musk pushed ahead with his plans to form a new political party.
The world’s richest man — and former White House adviser — said he would form the “America Party” after US President Donald Trump on Friday signed into law his signature tax and spending bill, which Musk described as an “abomination.”
Analysts have said directly challenging Trump could hurt Musk’s businesses, which rely on billions in government contracts and subsidies. Tesla shares were down about 7% after trading opened on Monday.
Most Americans believe the country needs a third major party, but Musk “has yet to outline a concrete plan forward,” and would have to navigate complex election laws and ballot access regulations, Politico wrote.
