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Tesla shares drop 7% in premarket trading after Elon Musk says he is launching a political party

Upworthy Monday, 7 July 2025 ()
Tesla shares fell in premarket trade on Monday after CEO Elon Musk announced plans to form a new political party. The stock was down 7.13% by 4:27 a.m. E.T. Musk said over the weekend that the party would be called the "America Party" and could focus "on just 2 or 3 Senate seats and 8 to 10 House…
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News video: Elon Musk Sets GOP On Fire: Backs ‘Loser’ Massie To Humiliate Trump In Revenge Power Play

Elon Musk Sets GOP On Fire: Backs ‘Loser’ Massie To Humiliate Trump In Revenge Power Play 03:23

A political firestorm has erupted after Elon Musk publicly declared his support for Rep. Thomas Massie, a Republican from Kentucky who has drawn the ire of Donald Trump. Massie, known for opposing Trump’s One Big Beautiful Bill and calling out recent Iran strikes as unconstitutional, now finds...

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