Tesla shares drop 8% after Elon Musk says he is launching a political party

Tesla stock fell about 8% Monday after CEO Elon Musk announced plans to form a new political party.

Musk said over the weekend that the party would be called the “America Party” and could focus “on just 2 or 3 Senate seats and 8 to 10 House districts.” He suggested this would be “enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.”

The billionaire’s involvement in politics has been a point of contention for investors. Musk earlier this year was part of the so-called Department of Government Efficiency and worked closely with President Donald Trump — a move seen as potentially hurting Tesla’s brand.

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