Tesla shares fell over 3% on Monday, under pressure from investor concerns about the focus of boss Elon Musk after he announced he would form a new U.S. political party, marking a new escalation in his feud with President Donald Trump.

The Tesla CEO says both parties have failed and claims The American Party will fight government bloat, attract disillusioned Democrats, and shake up the system.

Taneja earned a staggering $139 million in 2024, making him one of the highest-paid executives in the tech world, surpassing even tech giants like Microsoft’s Satya Nadella and Google’s Sundar Pichai.