July 7–8, 2025: The first trading day since Musk’s weekend announcement, Tesla shares tumbled, and Musk’s personal fortune dropped by as much as $15 billion, according to the Bloomberg Billionaires Index. As of July 9, it stands at $349 billion with Tesla shares broadly unchanged.

President Trump on Sunday issued a lengthy Truth Social post attacking former ally Elon Musk after the Tesla mogul announced he was launching a third party over opposition to Trump’s “big, beautiful bill.” “I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks,”…

The Tesla CEO says both parties have failed and claims The American Party will fight government bloat, attract disillusioned Democrats, and shake up the system.