Elon Musk has launched his "America Party" amid criticism of governmental decisions, stating the party will focus on a few key seats. Investors reacted negatively, with Tesla's stock dropping over seven percent, expressing concern over Musk's political distractions and their impact on company leadership. Previous political forays have already harmed Tesla's brand and finances, leading to fears of waning performance in a competitive market. There is ongoing skepticism regarding the company's autonomous ride-hailing service and Musk's recent retraction from political involvement, suggesting volatility in priorities.
"When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy," Musk tweeted over the weekend. "Today, the America Party is formed to give you back your freedom."
Investors in Musk's EV maker had already been highly wary of his political scheming. His latest comments appear to have hit a nerve, inciting fears that the richest man in the world has become far too distracted from effectively leading the company.
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