Mr. Musk’s involvement in politics and his financial support for the president’s campaign was once seen by investors as a benefit to Tesla, fueling a steep rise in company shares after the election last year. That association has now turned into a liability. Tesla shares are down 40 percent from their peak in December.

Elon Musk has apparently formed the 'America Party' after putting out a poll on X, following a fallout with Donald Trump over the 'Big Beautiful Bill'.