Tesla shares fell sharply in early trading Monday after CEO Elon Musk said he will launch a new political party — renewing investor concerns after the mogul’s dustup with President Donald Trump.
Over the weekend, Musk touted plans for the “America Party” and suggested it could concentrate “on just 2 or 3 Senate seats and 8 to 10 House districts.”
He added this would be “enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.”
Shares of Tesla were down sharply in pre-market trading on Monday. A Tesla Model Y is seen above near San Juan Capistrano, Calif. on July 1. REUTERS
Shares of the electric vehicle pioneer, which has been battered by Musk’s close ties and subsequent fallout with Trump, were down 7.5% after Monday’s opening bell.
Musk’s latest moves marks a reentry into politics just months after resigning