Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.

Florida Gov. Ron DeSantis suggested that Elon Musk could have a big impact if he pushed for balanced budget and term limits amendments to the Constitution.