"In a nutshell, we believe this is a tipping point in the Tesla story and ultimately the Tesla Board needs to act now and set the ground rules for Musk going forward around his political ambitions an...

A third party backed by billionaire Elon Musk will divide conservatives to the detriment of the Republican Party and help elect Democrats, Republican senators who are allied with President Donald Tru...

Investors have also expressed concern that Mr. Musk’s political activities, including plans to form a third party, distract him from managing Tesla at a critical time for the company.

Wall Street analysts and investors cited growing fatigue with Musk’s increasingly controversial political activities as a key factor behind the sell-off.

Musk’s plans for the new party are opaque.