Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on social media that he would form the America Party in response to the president’s sweeping tax cuts law.

EV giant Tesla Inc. (TSLA) is urging potential customers to take delivery of their new vehicles before September 30 to qualify for $7,500 federal tax credit. Tesla shares were down 0.4% at the time of writing.

Elon Musk has officially launched a new political movement, the "America Party," following the repeal of the $7,500 federal EV tax credit.

But Tesla's troubles, though levered to Musk, may be deeper than Musk's distractions, such as politics, gaming, and colonizing Mars. A record fourth quarter delivery report in January seemed to indicate all was well with Tesla, but it doesn't tell the full story.

Elon Musk realized too late how badly Tesla would be hurt by Trump’s Big Beautiful Bill, according to former and current Tesla executives who now give more details about the impact on the company.

Elon Musk has escalated his feud with Steve Bannon by claiming that he was named in the “Epstein files.” Donald Trump’s Department of Justice and the FBI said in a memo made public on Sunday that there is no evidence that the disgraced financier kept a “client list” or evidence for further charges in the case.

Tesla stock is sliding on Monday after CEO Elon Musk's latest foray into politics, and Wall Street is growing concerned over the loss of EV tax and regulatory credits stemming from Trump's "One Big Beautiful Bill.