Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.

Donald Trump has shrugged off Elon Musk’s plans for a new political party as “ridiculous” — but the announcement underscored the threat the disaffected former ally poses to US Republicans defending paper-thin congressional majorities.