Tesla shares fell nearly 8% on Monday after CEO Elon Musk's plans to launch a new U.S. political party reignited concerns about his commitment to the company's future as it struggles with declining sales.

While Musk was able to pour millions of dollars into pro-Trump super PACs last year, he would not legally be able to bankroll a political party. Third parties generally have to spend a great deal of money to secure ballot access before focusing on getting their candidates elected.

Democratic National Committee Chair Ken Martin thinks Musk’s America Party might have the money, and momentum, to matter.

Billionaire Elon Musk indicated Tuesday that releasing files related to convicted sex trafficker Jeffrey Epstein will be a major goal for his third party. President Donald Trump and his administration confirmed Tuesday it had finished its investigation into Epstein,

Musk-themed America Party token has stunned the crypto market with a massive 537% surge just hours after launch on the Solana blockchain. Riding on Elon Musk’s newly announced political party, this unofficial meme coin hit a high of $0.

Florida Gov. Ron DeSantis suggested that Elon Musk could have a big impact if he pushed for balanced budget and term limits amendments to the Constitution.

In order for Musk’s proposed America Party to formally become a national political party, the FEC must issue an advisory opinion approving the party.