Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.

ELECTORAL EXPERIMENT — Elon Musk is reentering national politics after a brief hiatus, vowing to disrupt the midterm elections with a new “America Party” that will contest a narrow set of federal offices and aim to control the balance of power in Congress.

After leaving DC, with his business empire suffering, his relationship with President Donald Trump fractured, and his DOGE efforts deemed broadly unpopular, Elon Musk is not quietly retreating to his Texas compound of pronatalists’ dreams.