Tesla shares drop 7% after Elon Musk says he is launching a political party
Tesla stock fell about 7% on Monday after CEO Elon Musk announced plans to form a new political party. The stock was on pace for its worst day since June 5, when it fell 14% as the clash between Musk and President Donald Trump erupted. Musk said Saturday that the party would be called the "America Party" and could focus "on just 2 or 3 Senate seats and 8 to 10 House districts." He suggested this would be "enough to serve as the deciding vote on contentious laws, ensuring that they serve the tr