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Al Jazeera

Tesla shares tumble as Elon Musk floats new US political party

Elon Musk Tesla Inc. United States Donald Trump Ann Lipton

US President Donald Trump (right) said the proposal for a third party by Musk (right) is 'ridiculous' [File: Evan Vucci/AP]

Tesla shares have tumbled after CEO Elon Musk announced plans to launch a new US political party amid his ongoing feud with his longtime ally, United States President Donald Trump.

Shares of the electric automaker are down 7 percent as of 12pm in New York (16:00 GMT) on Monday. Musk announced his plans on Friday to launch a new political party after disagreements with the president over the tax legislation signed into law the same day. Trump has called the idea “ridiculous”.

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