Dan Ives, an analyst with Wedbush, wrote that Musk's continued push into politics is "exactly the opposite direction" investors want to see.

More than a month after their initial social media bluster, Elon Musk has announced the formation of a new U.S. political party in response to U.S. President Donald Trump signing his sweeping tax and spending bill into law.

The tech billionaire’s effort to create a new political party, called the America Party, comes amid a ramped-up feud with the president over his new domestic policy law.