Mr. Musk’s involvement in politics and his financial support for the president’s campaign were once seen by investors as a benefit to Tesla, fueling a steep rise in company shares after the election last year. That association has now turned into a liability. Tesla shares are down 40 percent from their peak in December.

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.

Tesla stock price fell Monday after Musk said he's formed the America Party, the latest development in the billionaire's feud with President Trump.

Longtime supporters of Tesla and Elon Musk called on its board to pull the CEO back to the troubled EV maker after he said he is starting a new America Party.

Musk has not released an official party platform and has reported a false filing of the proposed political party to the Federal Election Commission. Here's what you need to know about the America Party and what this means for Musk's electric car company: Tesla.

Stock shares in Elon Musk's car company Tesla fell about 7% Monday after the billionaire ex-DOGE chief announced plans to form his new "America Party."

Tesla's CEO has proved once again that investors in his EV company would prefer that he stay out of politics and focus on the business.