Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.

During a feud with President Trump, Tesla Chief Executive Elon Musk announced plans to start his own political party. Shares for his company fell more than 6% Monday.

Shares in Tesla plunged 6.79% Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from President Donald Trump. Shares in Tesla (TSLA) had dropped as much as 7.