Disappointment is rarely good for stock prices. On Saturday, Musk announced he was forming the “America Party,” after running a poll on X asking if a new political party should be created. Musk has more than 225 million followers on X, and the poll garnered almost 79 million votes, with 65.4% saying “Yes” to a new party.

Republicans have expressed concern that Musk's feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.