India, July 7 -- Tesla Inc. shares were losing around 8% in the morning trading on the Nasdaq on Monday after CEO Elon Musk announced his plans to launch a new U.S. political party following his ongoing feud with President Donald Trump over the 'One Big, Beautiful Bill.'
Tesla founder and the former head of the Department of Government Efficiency or DOGE, launched the 'America Party' on Saturday in the latest development in the social media tussle with Trump.
Musk announced on X that he has formed the party to challenge the American two-party system, and that the new party's focus for the next 12 months will be on the House and the Senate.
Meanwhile, Trump called Musk's plans to form the America Party "ridiculous".
"I think it's ridicul...