Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts ...

The market value of Tesla crashed by US$15 billion after its CEO said he would form the America Party as investors pre-empt damage to the US EV brand.

The stock's sharp decline also reduced $15.3 billion off Musk's net worth, according to the Bloomberg Billionaires Index.