Tesla falls more than 7% after Musk announces he will form a new party

Tesla shares are falling 7.2% in premarket trading on Monday after the electric vehicle maker's CEO, Elon Musk, announced over the weekend that he intended to create a new party in the United States , the "America Party".

The company's shares are trading this Monday, in pre-market trading, at $292.61.

This has not been a good year for Tesla in the financial markets. Since the beginning of the year, the electric car brand's shares have already depreciated by 16.8%. However, over the past year, the company's shares have risen by 24.6%.

Elon Musk's intention to create a new party in the United States comes after the approval of the “ Big Beautiful Bill ”, a term used by US President Donald Trump to refer to the US budget proposal.

Donald Trump has already reacted to the possibility of a new party in the United States : “Ridiculous,” considered the North American leader.