05:31 AM EDT, 07/07/2025 (MT Newswires) -- Tesla (TSLA) shares were down more than 6% in Monday's premarket activity following news over the weekend that Chief Executive Elon Musk plans to launch a new political party, sparking a fresh round of public sparring with US President Donald Trump.

"By a factor of 2 to 1, you want a new political party and you shall have it!" Musk wrote Saturday on his social media platform X following a poll he held on his account. "Today, the America Party is formed to give you back your freedom."

"The America Party is needed to fight the Republican/Democrat Uniparty," he wrote in a subsequent post. "The America Party is the solution."

Trump reportedly told reporters Sunday, "Third parties have never worked, so he can have fun with it, but I think it's ridiculous."

In a post on his Truth Social account, Trump accused Musk of going "completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks."

"The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS, and we have enough of that with the Radical Left Democrats, who have lost their confidence and their minds," Trump wrote, adding that Musk was upset because Trump's budget bill "eliminates the ridiculous Electric Vehicle Mandate, which would have forced everyone to buy an Electric Car in a short period of time."

Price: 294.86, Change: -20.49, Percent Change: -6.50