Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.

Musk Launches "America Party" Amidst Trump Feud and Epstein Troll Tech billionaire Elon Musk reignited his public feud with President Trump on Monday, directly challenging the administration over the lack of arrests in the Jeffrey Epstein case.

The feud reignited on Monday when Musk, who spent hundreds of millions on Trump's re-election, renewed his criticism of Trump's tax-cut and spending bill, which would eliminate subsidies for electric vehicle purchases that have benefited Tesla, the leading U.S. EV maker. That bill passed the Senate by a narrow margin midday Tuesday.