Tesla Stock Tumbles After Elon Musk Announces New Political Party
As of Monday, Tesla shares were down about 6.7 percent and are down about 14 percent since early June.
Jack Phillips
Breaking News Reporter
7/7/2025|Updated: 7/7/2025
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.
“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.”
By 12 p.m. ET, Tesla shares were down by about 7.6 percent and were down by about 14 percent since early June, when Musk first publicly criticized the Republican-backed One Big Beautiful Bill and President Donald Trump.
Since the start of 2025, Tesla’s shares are down by 22.4 percent. Meanwhile, the company reported last week that deliveries fell by almost 14 percent in the second quarter of this year, amid backlash and protests due to Musk’s previous involvement in the Trump administration.
Trump was critical of Musk’s decision to form a third party and suggested that it would create confusion, adding that third parties have not been successful in the past.
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READ MORE: https://www.theepochtimes.com/us/tesla-stock-tumbles-after-elon-musk-announces-new-political-party-5883757?ea_src=frontpage&ea_cnt=a&ea_med=section-1
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