Shares in Tesla tanked by as much as 7.6% in premarket trading Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

President Donald Trump and Elon Musk are once again trading public insults after the Tesla billionaire, the world's richest man, said he will create a new political party.Musk, who has been floating the idea of creating a third political party for weeks in the wake of his split with the president,

Donald Trump fell in love with Elon Musk when the richest man in the world bankrolled his reelection campaign. Then he fell out of love with Musk when the tech titan openly criticized his ‘Big Beautiful Bill.