Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on social media that he would form the America Party in response to the president’s sweeping tax cuts law.

EV giant Tesla Inc. (TSLA) is urging potential customers to take delivery of their new vehicles before September 30 to qualify for $7,500 federal tax credit. Tesla shares were down 0.4% at the time of writing.

Wisconsin Republicans Derrick Van Orden and Ron Johnson are pushing back on Elon Musk's vow to form a new "America Party" and unseat Republicans.

Elon Musk has officially launched a new political movement, the "America Party," following the repeal of the $7,500 federal EV tax credit.

Days after leaving the White House, Elon Musk slammed President Trump's big tax bill. "I’m sorry, but I just can’t stand it anymore," Musk said.

Elon Musk realized too late how badly Tesla would be hurt by Trump’s Big Beautiful Bill, according to former and current Tesla executives who now give more details about the impact on the company.

But Tesla's troubles, though levered to Musk, may be deeper than Musk's distractions, such as politics, gaming, and colonizing Mars. A record fourth quarter delivery report in January seemed to indicate all was well with Tesla, but it doesn't tell the full story.

The fallout between Elon Musk and Donald Trump came as no surprise to those who have worked closely with the individuals, such as OpenAI's Sam Altman.