Musk down nearly $20 billion since breaking with Trump last month
The tech billionaire's net worth dramatically dropped after calling for the creation of a third party for the nation's annual Independence Day celebration.
Tech billionaire Elon Musk's net worth has dramatically dropped after Tesla shares fell following his call to create a new political party Friday on the nation's Independence Day.
Musk saw his estimated worth drop nearly $20 billion while his investors lost more than $100 billion after his controversial move, soliciting feedback on his social platform X on Friday about forming an opposition third party in U.S. politics.
Tesla shares dropped about 7% in pre-market trading Monday and overall are down around 14% since early June after Musk openly criticized Trump's massive policy bill, cementing his split with the Trump administration.
- NATO chief Mark Rutte pinpoints how WW3 will most likely begin
- Terrifying nuclear map shows radiation reaching 46 states after top-secret tests
Deliveries fell nearly 14% in the second quarter, Tesla announced, as it battles growing problems in China, according to a Wall Street Journal report released Sunday.
Musk's business setbacks come about a month after his public fallout with President Donald Trump, which has continued as both ramp up their attacks on one another.
The brawl began after Musk openly criticized Trump's mega domestic policy bill, which was re-passed in the House late last week and will be cemented into law, prompting tit-for-tat threats.
Musk's remarks came shortly after his formal departure from the administration, where he led the Department of Government Efficiency's austerity measures.
His controversial role in laying off tens of thousands of federal workers, an issue still being battled out in court, among other cuts to the federal budget, had a widely negative impact on Musk's businesses.
Some financial experts believe that Musk's split with Trump is actually the driving force behind his business struggles.
DON'T MISS...
Jeffrey Epstein jail footage released and 'client list' debunked
CNN halted for breaking Donald Trump News as US president 'scared'Donald Trump says Elon Musk's new political party is 'ridiculous'
"Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that most Tesla investors want him to take during this crucial period for Tesla," Wedbush Securities analyst Dan Ives wrote on X.
Musk's theoretical new party, dubbed the America Party, would aim to wedge into and disrupt the country's effective two-party system by challenging key House and Senate seats in 2026, he wrote Friday on X.
In a poll he shared to his 221.8 million followers, 65.4% of about 1,248,856 online voters gave Musk the green light to form his new party. Trump said Musk's new party idea was "ridiculous" and called him a "trainwreck."
It is unclear what his party would stand for, though it would likely lean center-right given the Tesla CEO's personal politics.
