Musk has long complained that the One Big Beautiful Bill Act would stifle his company’s growth and contribute to the national debt before President Donald Trump signed it into law last week. Now, months after his endorsement of Trump, Musk is teasing an “America Party” to challenge Republican and Democratic politicians.
Tesla shares have been volatile since the start of the year, and they fell 7% before the market opened Monday.
The latest decline followed a poll Musk conducted on X that found 65.4% of respondents favored the new party, while 34.6% voted against it. There were just over 1.2 million recorded responses.
Musk suggested Saturday afternoon, after the poll results were in, that the “America Party” would be formed “to give you back your freedom.”
After the poll, Trump voiced his concern over the third-party plan.
“The System seems not designed for them. The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS,” he wrote Sunday.
Republicans have been dismissive of Musk’s pledge to help challenge “every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history.” Trump had been on the warpath to campaign against any members of the GOP who voted against it.
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In total, 51 Republican senators and 218 Republican representatives voted for the bill. Only four senators and two representatives from the party Musk once supported voted against it.
Despite the recent decline, Tesla shares are still higher than they were when Musk first endorsed Trump. In the days before Trump’s inauguration, shares peaked but have steadily declined since.
