Elon Musk, a senior White House adviser, walked to the White House after landing in the Marine Corps with U.S. President Donald Trump in Washington, DC on March 9, 2025.
Samuel Corum | Getty Images News | Getty Images
Tesla Shares fell on Monday after CEO Elon Musk Plans to form a new party were announced.
Stocks fell 7.13% at 4:27 a.m. ET
Musk said on the weekend The political party will be called the “American Party” And can focus on “only 2 or 3 Senate seats and 8 to 10 House districts.” He suggested that it would be “sufficient to vote as a decision of controversial law to ensure they serve the people’s true will.”
Billionaire participation in politics has always been an argument among investors. Musk was called earlier this year Ministry of Government Efficiency And working closely with President Donald Trump – this move is seen as May hurt Tesla’s brand.
Musk’s left picture May, which one Helping Tesla stocks.
Now, the re-engagement of tech billionaires on the political stage has made investors nervous.
“Musk has delved more deeply into politics and is now trying to take over the establishment of the ring road in the opposite direction that Tesla investors/shareholders want him to take at a critical time in the Tesla story,” Dan Ives, head of global technology research at Wedbush Securities, said in a note on Sunday.
“While Musk’s core supporters will gradually support Musk anyway, many Tesla investors will be even more exhausted and Musk keeps heading to the political track.”
This is a developing story. Please see more.
