TradingKey – On Monday, July 8, Tesla (TSLA) shares nosedived nearly 7% to $293, erasing $68 billion in market value in a single session. The sell-off was triggered by Elon Musk’s surprise launch of the “America Party”, which rattled investors and reignited concerns over his political distractions.
Tesla Stock Price Chart – Source: TradingView.
Over the weekend, Musk announced the formation of a new political party aimed at challenging the bipartisan status quo and opposing the recently passed “One Big Beautiful Bill”. He criticized the current U.S. political system as plagued by waste and corruption, calling for a new movement to restore individual freedoms.
The move drew swift backlash from Washington:
- President Donald Trump slammed Musk as a “derailed train,” accusing him of sowing chaos with a third-party bid.
- Treasury Secretary Scott Bessent urged Musk to “focus on business, not politics.”
Although Musk has yet to file official paperwork with the Federal Election Commission (FEC), markets are already reacting. On Saturday, investment firm Azoria announced it would delay the launch of its Tesla-linked ETF, the Azoria Tesla Convexity ETF, citing heightened political risk.
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