Tesla Stock Tumbles After Elon Musk Announces New Political Party

Tesla stock dropped by more than 7 percent during trading on Monday after CEO Elon Musk announced over the weekend that he’s forming the “America Party” to challenge the existing two-party political system, in a break with the Trump administration. Musk launched a page for the America Party on his social media platform X, after he announced the party’s formation, citing a poll that signaled an interest in a third party. “By a factor of 2 to 1, you want a new political party and you shall have it,” he wrote in a post on July 5. “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom.”...