Tesla stock dropped by more than 7 percent during trading on July 7 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 social media platform X, which he owns, after he announced the party’s formation, citing a poll that signaled an interest in a third party.
